The Aussie Dollar formed a support base above the 0.7700 level against the US Dollar. The AUD/USD pair is now rising and it is showing positive signs above 0.7740.
There was a break above a key bearish trend line with resistance near 0.7740 on the hourly chart. The pair is now trading nicely above the 0.7765 resistance zone and the 50 hourly simple moving average.
On the upside, the first key resistance is near the 0.7780 level. A clear break above the 0.7780 level will most likely lead the pair towards the 0.7810 zone. Any more gains might call for a test of 0.7840 on FXOpen.
Conversely, there could be a fresh decline below the 0.7765 pivot level. In the stated case, the pair might find support near the 0.7735 level and the 50 hourly simple moving average.