- AUD / USD is recovering near key resistance.
- A rejection in this region could invite increased selling pressure.
AUD / USD is trading near 0.7640 at the start of the European session on Monday, having hit a low of 0.7605 and a high of 0.7660 during the Asian session.
The pair is flirting with the lower end of a bearish channel, represented by trend lines connecting the lows of January 11 and 18 and the highs of January 6 and 14.
A convincing move back into the channel could trigger another consolidation move in the 0.7650-0.7750 range. However, a rejection at the current level, followed by a quick move below 0.7592, the low of Thursday’s candle, would imply a bearish turn. That would expose the rising low of 0.7462 created on January 21.
Looking up, the Jan 27 high of 0.7764 is the level to beat for the bulls.
AUD / USD daily chart
AUD / USD technical levels
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