(MENAFN- FXOpen) The Aussie dollar started a decent upward move above the 0.7000 resistance area against the US Dollar. The AUD/USD pair even traded above the 0.7050 resistance level to move into a positive zone.
The pair settled above the 0.7040 pivot level and the 50 hourly simple moving average. A swing high was formed near 0.7081 and the price recently corrected lower below the 0.7060 level.
However, the pair found support near the 0.7055 level plus the 61.8% Fib retracement level of the recent wave from the 0.7036 low to 0.7081 high. Moreover, there is a key bullish trend line forming with support near 0.7055 on the hourly chart.
On the upside, an initial resistance is near the 0.7080 level. If there is an upside break above 0.7080, the pair could rise further higher above the 0.7100 level.
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