AUD/USD Signals Downside Extension

AUD/USD Hourly Chart

AUD/USD is correcting gains from the 0.7150 resistance zone.

Important Takeaways for AUD/USD

· The Aussie Dollar started a fresh decline from the 0.7150 resistance against the US Dollar.

· There was a break below a key bullish trend line with support near 0.7080 on the hourly chart of AUD/USD.

AUD/USD Technical Analysis

The Aussie Dollar gained pace above the 0.7100 resistance zone against the US Dollar. The AUD/USD pair even spiked above the 0.7150 level before the bears appeared.

The pair traded as high as 0.7157 on FXOpen and started a fresh downside correction. There was a clear move below the 0.7120 and 0.7100 support levels. The pair declined below the 50% Fib retracement level of the upward move from the 0.6983 swing low to 0.7157 high.

Besides, there was a break below a key bullish trend line with support near 0.7080 on the hourly chart of AUD/USD. The pair is now trading below 0.7080 and the 50 hourly simple moving average.

On the downside, an initial support is near the 0.7050 level. It is near the 61.8% Fib retracement level of the upward move from the 0.6983 swing low to 0.7157 high. The next support could be the 0.7000 level. If there is a downside break below the 0.7000 support, the pair could extend its decline towards the 0.6940 level.

On the upside, the AUD/USD pair is facing resistance near the 0.7080 level. The next major resistance is near the 0.7100 level.

A close above the 0.7100 level could start another steady increase in the near term. The next major resistance could be 0.7150.

Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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