AUDUSD – 0.7880 Holds Key
The Aussie Dollar after an upside surge towards the 0.7960 level against the US Dollar faced strong offers and moved down.
The AUDUSD pair declined by more than 80 pips and traded towards the 0.7870-80 support. It held the downside move along with the 100 hourly simple moving average and a bullish trend line on the hourly chart (current support at 0.7880).
The pair is recovering and already above the 23.6% Fib retracement level of the last decline from the 0.7962 high to 0.7869 low. It seems like as long as the trend line support at 0.7880 and the 100 hourly SMA is intact, the pair might resume its upside move.
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