AUD/USD Finding Some Support Near 0.7730 Level
In tandem with the reversal in other major currencies, the AUD/USD pair too dropped sharply to 0.7732, giving-up over 100-pips from day's high of 0.7834.
Ascending channel support comes into play
The
pair has now stabilized and witnessing some minor technical rebound
from a short-term ascending trend-channel support. Extension of the
bounce back momentum beyond 0.7770 level seems to reaffirm move within
the ascending channel, assisting pair to climb higher towards its next
major resistance near 0.7800 handle.
Alternatively, repeated
inability to sustain its strength above 0.7800 mark and a subsequent
drop below the trend-channel support, currently pegged near 0.7740-35,
now seems to open room for further near-term corrective move. Below the
trend-channel support, the pair might immediately drop to 0.7690 support
before extending the fall further in the near-term.
