AUD/USD Started a Steady Increase from 0.7320 Support

Technical analysis of Forex market

The Aussie Dollar started a steady increase from the 0.7320 support zone against the US Dollar. The AUD/USD pair broke the 0.7400 resistance zone and the 50 hourly simple moving average.

A high was formed near 0.7439 before there was a downside correction. There was a break below a key bullish trend line with support near 0.7410 on the hourly chart.

An immediate support on the downside is near the 0.7400 level. The next key support is near the 0.7380 level. A clear break below the 0.7380 support could lead the pair towards the 0.7350 support. Any more losses may possibly open the doors for a move towards the 0.7320 level.

On the upside, the pair is facing hurdles near 0.7435 on FXOpen. The next major resistance is near the 0.7450 level, above which the pair could rise steadily towards the 0.7500 level in the near term.