Overview :
The AUD/USD pair climbed from 0.7694 to 0.7773 and closed at the price of 0.7731. But, today we note that the market opens above the level of 0.7694. Please, note that the resistance stands at the levels of 0.7773 and 0.78000 in the daily time frame.
In the longer term, the strong resistance at 0.7830, see also the long-term declining trendline from last year 2020) continues to represent a major hurdle.
Therefore, right now the first descending impulse is forming the first one; the market is being corrected from the area of 0.7694/0.7700 in coming hours.
In our opinion, the AUD/USD pair may grow up to test 0.7694 from above and then form the second ascending impulse with a target at 0.7773 to test the daily top again.
If the trend is able to close above the level of 0.7773, the price will rise into the bullish market in order to go further towards the strong resistance levels of at 0.7800 and 0.7830.
However, the level of 0.7669 will form a double bottom which represents the major support level today. In the the H1time frame, the pair will probably go down because a downward trend is still strong and the RSI is still signaling that the trend is downward.
Conclusion
The depicted support level of 0.7700 acted as an important key level offering a valid buy entry. So, buy above the 0.7700 level with the targets of 0.7773, 0.7800, and 0.7830 today. Conversely, stop loss should be placed below the low reached near the second support (0.7644).
