AUDUSD found strong support at the 0.7677 barrier, driving the market within both the short- and long-term timeframes in the 4-hour chart. The RSI is standing marginally beneath the neutral threshold of 50, while the MACD surpassed its trigger line in the negative territory. In trend indicators, the Ichimoku cloud is acting as a powerful resistance, however, the Ichimoku lines are flattening.
Any upside pressures above the SMAs and the 0.7755 level, and the market could open the door for the 0.7795-0.7810 zone. An aggressive rally higher could take the price until the 0.7890 level.
On the flip side, a selling interest below the 0.7677 support could get the price to meet the 0.7635, taken from the inside swing high from April 12. Underneath this line, the 0.7585 barrier may halt downside movements.
Overall, AUDUSD has been in a downside correction over the last three weeks, following the drop from the 0.7890 resistance.
