AUD/USD - Will Probably Test Again 0.7740 - 02/27/2017 (GMT)

The AUD/USD currency pair is forming a range limited by 0.7660 from the downside and 0.7740 from the upper side. In general, the uptrend in the pair is still in force, but the inability to break the upper resistance level after two failed attempts slowed the upward momentum of the pair and thus we expect the pair to test the 0.7660 support level again before it rebounds upward to test the 0.7660 strong resistance level again.

On the other hand, if the U.S. dollar gains momentum and the AUD/USD drops below 0.7595, the next target will be 0.7515. Moreover, this may be the first sign of uptrend reversal.

The 50, 100 and 200 SMAs on the 4-hour chart are still supporting the uptrend momentum. MACD is flat on the zero line, while RSI is breaking over the 50 level signalling continuation of the uptrend for now.