AUD/USD technical analysis: The Aussie dollar broke a major ascending channel

FXOpen Broker Team FXOpen

The Aussie dollar followed a solid bullish path from the 0.7180 support area against the US Dollar. The AUD/USD pair traded above the 0.7200 and 0.7220 resistance levels before sellers appeared near 0.7245.

Later, there was a sharp decline and the pair broke a major ascending channel with support at 0.7220 on the hourly chart. Moreover, there was a break below the 0.7200 support and the 50 hourly simple moving average.

The pair traded below the 76.4% Fib retracement level of the last wave from the 0.7180 low to 0.7246 high. It has opened the doors for more declines below the 0.7180 support level.

If there is an upside correction, the pair could find resistance near the 0.7195, 0.7200 or 0.7220 levels in the near term. The key supports are at 0.7180 and 0.7150.

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FXOpen Broker Team

FXOpen

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