AUDUSD (0.7854): The Australian dollar has been attempting to recover some of the losses from a previous couple of weeks. Price action is seen initially slipping earlier this week before currently attempting to push to the upside. The breakout from the falling median line suggests a near term rally towards the price level of 0.7957. This price level previously served as support and is now likely to be tested for resistance. However, ahead of the gains, AUDUSD could be seen sliding towards the lower support at 0.7799. Establishing support here will validate the upside move towards 0.7957.
