The Aussie Dollar formed a decent support base above the 0.7640 level against the US Dollar. The AUD/USD pair is currently rising, and it is showing positive signs above 0.7680.
The pair climbed nicely above the 0.7700 level and the 50 hourly simple moving average. There was a break above a major bearish trend line with resistance near 0.7715 on the hourly chart.
It is now consolidating above the 0.7720 support level. If there is a downside correction, the pair could test the 0.7700 support zone. Any more losses could open the doors for a drop towards the 0.7650 level.
Conversely, there could be a fresh increase above the 0.7750 resistance level. The first major resistance on the upside is near the 0.7770 level, above which the pair is likely to accelerate higher towards 0.7800
