The Australian dollar is trading at elevated levels against the US dollar currency as the recovery above the 0.7700 resistance level unfolds. Lower time frame analysis shows that the AUDUSD pair is now testing towards the top of a bullish falling price channel. Going forward, a technical test towards the multi-year high, around the 0.7800 level, appears the most likely scenario.
The AUDUSD pair is only bearish while trading below the 0.7680 level, key support is found at the 0.7610 and 0.7580 levels.
The AUDUSD pair is only bullish while trading above the 0.7680 level, key resistance is found at the 0.7780 and 0.7800 levels.
