AUD/USD Finding Some Support Near 0.7730 Level

AUD/USD Finding Some Support Near 0.7730 Level

22 April 2016, 08:36
Roberto Jacobs
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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.


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