The Australian dollar is starting to recover higher against the US dollar as positive risk tones continue to drive commodity-related currencies higher. Technical analysis shows that the AUDUSD pair is trapped inside a falling price channel between the 0.7550 and 0.7700 levels. Continued gains above the 0.7660 level could cause the AUDUSD pair to test towards the top of the channel.
The AUDUSD pair is only bearish while trading below the 0.7660 level, key support is found at the 0.7600 and 0.7550 levels.
The AUDUSD pair is only bullish while trading above the 0.7660 level, key resistance is found at the 0.7700 and 0.7735 levels.
