The Australian dollar currency is under slight downside pressure against the US dollar after global stock markets started to sell-off. The 0.7800 area is a key reversal spot for the AUDUSD, meaning that the pair is trading at a key buy swing zone right now. If AUDUSD bulls can gain traction above 0.7800 then a strong counter rally back towards the 0.7900 should be expected.
The AUDUSD pair is only bullish while trading above the 0.7800 level, key resistance is found at the 0.7900 and 0.8000 levels.
The AUDUSD pair is only bearish while trading below the 0.7800 level, key support is found at the 0.7770 and 0.7750 levels.
