AUD/USD declined below the 0.6450 and 0.6430 support levels.
Important Takeaways for AUD/USD Analysis Today
· The Aussie Dollar started a fresh decline from well above the 0.6480 level against the US Dollar.
· There was a break below a key bullish trend line with support near 0.6430 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair struggled to clear the 0.6500 zone. The Aussie Dollar started a fresh decline below the 0.6450 support against the US Dollar.
There was a break below a key bullish trend line with support near 0.6430. The pair even settled below 0.6430 and the 50-hour simple moving average. The pair is now showing bearish signs and trading near the last swing low at 0.6410.
On the downside, initial support is near the 1.236 Fib extension level of the upward move from the 0.6411 swing low to the 0.6490 high at 0.6390. If there is a downside break below 0.6390, the pair could extend its decline.
The next support could be the 1.618 Fib extension level of the upward move from the 0.6411 swing low to the 0.6490 high at 0.6365. Any more losses might send the pair toward the 0.6320 support.
On the upside, an immediate resistance is near 0.6430. The next major resistance is near the 50-hour simple moving average at 0.6450, above which the price could rise toward 0.6490. Any more gains might send the pair toward 0.6550.
A close above the 0.6550 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6620.
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