AUD/USD Found Some Resistance at 0.7990

AUD/USD formed a rather spectacular rally for the past two weeks, rising from 0.7580 to 0.7990, but the pair finally found some resistance at the aforementioned 0.7990 level, formed a spinning top candlestick on the daily time-frame and bounced off from it. AUD/USD is currently consolidating above 0.7875. Whether the pair will succeed in breaking out below that support before the market closes this week is uncertain, but a possible breakout, regardless of its timing, could lead to another move to the downside towards the next major support level at 0.7770, which coincides with the (MA)89 indicator on the four-hour time-frame.