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.