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AUD/USD Pair Started a Fresh Decline from 0.7420

The Aussie Dollar failed to clear the 0.7420 resistance zone against the US Dollar. The AUD/USD pair started a fresh decline and it broke the 0.7400 support zone.

There was also a break below the key 0.7375 support level and a close below the 50 hourly simple moving average. The pair traded as low as 0.7328 and it is currently correcting higher.

An immediate resistance on the upside is near the 0.7360 level. The first major resistance is near the 0.7365 level and a connecting bearish trend line. The main resistance is still near the 0.7385 level and the 50 hourly simple moving average.

If the pair fails to clear the trend line resistance, it could start a fresh decline below 0.7350 on FXOpen. The next major support is near the 0.7325 level, below which there is a risk of a larger decline in the near term.