AUD/USD Pair Traded As High As 0.7381 And It Is Currently Correcting Lower

Technical analysis of Forex market

The Aussie Dollar started a steady rise above the 0.7200 resistance level against the US Dollar. The AUD/USD pair even gained pace after it broke the 0.7280 resistance and pivot zone.

The pair traded towards the 0.7400 level on FXOpen and settled above the 50 hourly simple moving average. It traded as high as 0.7381 and it is currently correcting lower. An initial support on the downside is near the 0.7350 level and a connecting bullish trend line on the hourly chart.

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If there is a downside break below the trend line, the pair could correct lower towards the next key support near the 0.7300 level and the 50 hourly SMA.

On the upside, the pair might continue to rise if it clears the 0.7380 and 0.7400 resistance levels. The next key resistance for the bulls above 0.7400 is near the 0.7440 level.