0.7570 Holds Key for AUDUSD

 

The Aussie Dollar after a spike towards 0.7640 against the US Dollar faced resistance and moved down. A previous resistance at 0.7565-70 acted as a support and prevented declines.AUDUSDM30

There is also a bullish trend line on the 30-min chart of AUDUSD at 0.7575. As long as the pair is above the trend line support and 0.7570, there are chances of an upside move towards a bearish trend line at 0.7600.

An intermediate resistance is near the 100 simple moving average and the 50% Fib retracement level of the last decline from the 0.7631 high to 0.7568 low at 0.7599. Overall, buying dips above 0.7570 may be considered with a tight stop.

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