The Australian dollar currency has staged a strong bounce back above the 0.7700 level against the US dollar as commodity-related currencies come into demand. A broadening wedge pattern on the lower time frames is warning that a powerful 150 points breakout could be about to take place. AUDUSD bulls need to break the 0.7823 level in order to force a move above the wedge.
The AUDUSD pair is only bullish while trading above the 0.7750 level, key resistance is found at the 0.7823 and 0.7970 levels.
The AUDUSD pair is only bearish while trading below the 0.7750 level, key support is found at the 0.7730 and 0.7700 levels.
