Thu. Jan 27th, 2022


AUD / USD Technical Analysis 23 August 2021 | Currency trading block

























The Australian dollar widened its decline and tested the 0.7100 area against the US dollar. The AUD / USD pair was trading at 0.7106 and is now trying an upward correction.

It recovered above the 0.7130 level, but faces many obstacles near the 50-hour simple moving average. There is also a key bearish trend line that is forming with a resistance near 0.7165 on the hourly chart.

A clear break above the trend line resistance could lead the pair towards the 0.7200 resistance. The next big resistance for the bulls could be 0.7220.

If the pair does not remove resistance from the trend line, it could start a new decline below 0.7130. The next major support is approaching the level of 0.7100, below which there is a risk of a larger decline in the short term.

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