For 3 months AUDUSD has been moving in uptrend. That movement wasn’t continuously but despite some correction the price respected the uptrend line. However, resistance at 0.7750 level is very strong and it changed the price direction many times in the past.
After previous week’s rebound AUDUSD reached support at 0.7590. Right now there are two scenarios for further movement:
1) If 0.7590 level is broken, the price will start deeper correction with subsequent targets: 0.7500, 0.7450, 0.7360
2) If rebound is successful, the price will break 0.7650 level first and next there will be another test of 0.7750.
