AUD/USD Consolidates Above 0.7700, Key Breakout Nearby
- AUD/USD is holding a crucial support near the 0.7690 level.
- A major bullish trend line is forming with support near 0.7700 on the 4-hours chart.
- A key range is forming with resistance near the 0.7815 zone.
- EUR/USD traded to a new monthly high, GBP/USD is still well below 1.4200.
AUD/USD Technical Analysis
In the past few days, the Aussie Dollar traded in a broad range against the US Dollar. AUD/USD seems to be forming a strong support above the 0.7690 and 0.7700 levels.
Looking at the 4-hours chart, the pair is likely preparing for a major break. On the downside, there is a major bullish trend line forming with support near 0.7700. The main support is near the 0.7690 level.
A daily close below the 0.7700 and 0.7690 levels could open the doors for a sharp decline. In the stated case, the pair could dive towards the 0.7620 and 0.7550 support levels.
On the upside, an initial resistance is near the 0.7800 area. The main range resistance zone is near the 0.7815 level. A clear break above the 0.7815 zone is likely to set the pace for a steady increase. The next major resistance is near the 0.7890 and 0.7900 levels.
Overall, AUD/USD seems to be setting up for a strong breakout either above 0.7815 or below 0.7690 in the coming sessions.
Looking at EUR/USD, the pair extended its upward move and traded to a new monthly high above 1.2250. Conversely, GBP/USD is still struggling to clear the 1.4200 resistance zone.
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