The Aussie Dollar started a fresh decline from well above 0.7450 against the US Dollar. The AUD/USD pair even broke the 0.7400 support level to enter a bearish zone.
The pair traded as low as 0.7347 and it settled below the 50 hourly simple moving average. It is now recovering higher towards the 0.7365 resistance. There is also a key bearish trend line forming with resistance near 0.7365 on the hourly chart.
A clear break above the trend line resistance could lead the pair towards the 0.7375 resistance. The next major resistance for the bulls could be 0.7382, above which it could rally above 0.7400 on FXOpen.
If the pair fails to clear the trend line resistance, it could start a fresh decline below 0.7350. The next major support is near the 0.7340 level, below which there is a risk of a larger decline in the near term.
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