Overview :
The AUD/USD pair set above strong support at the level of 0.7723, which coincides with the 61.8% Fibonacci retracement level.
This support has been rejected for four times confirming uptrend veracity. Hence, major support is seen at the level of 0.7723 because the trend is still showing strength above it.
On the H4 chart, the price spot of 0.7723 remains a significant support zone. Therefore, there is a possibility that the AUD/USD pair will move to the upside, for that this climb structure does not look corrective.
Accordingly, the pair is still in the uptrend from the area of 0.7723 and 0.7750. We still prefer the bullish scenario.
The AUD/USD pair is trading in a bullish trend from the last support line of 0.7723 towards the first resistance level at 0.7821 in order to test it.
This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 0.7750 and further to the level of 0.7821.
The level of 0.7860 will act as second resistance and the double top is already set at the point of 0.7821.
At the same time, if a breakout happens at the support levels of 0.7693 and 0.7663, then this scenario may be invalidated.
Conclusion : Overall, we still prefer the bullish scenario which suggests that the pair will stay below the region of 0.7723 this week.
