AUD/USD Unable to Build on to its Gains Above 0.7800
Following its recovery from Wednesday's low of 0.7767 to back above 0.7800 mark, in-line with recovery in crude oil prices, the AUD/USD pair remains within a well-established narrow trading range.
Price action suggest AUD/USD set to witness a near-term corrective move
The
pair's inability to add on to its gains beyond 0.7800 clearly suggests
that it may have well run out of the steam. Hence, even if the pair
attempts any further up-move from current levels, the rally is likely to
fizzle out at a short-term ascending trend-channel resistance near
0.7850 level. Only a strong momentum, which could assist the pair lift
beyond the well-established channel, would now open room for up-move in
the near-term.
On the flip slide, a slide below the lower end of
the trading range support near Wednesday's low of 0.7767 could lead to
an immediate fall towards the trend-channel support near 0.7715 area.
Sustained trade below the ascending channel support would indicate the
onset of a near-term corrective move.
