The Australian dollar profited from a broad selloff of the US dollar on Wednesday, as the AUDUSD climbed more than 200 pips to 0.7835. However, the pair was unable to surpass 0.7850, which has served as a key resistance over the past month.
The AUDUSD faded further below the 0.78 handle in Thursday’s Sydney session and was little changed at 0.7770. The pair had previously closed at 0.7756. The AUDUSD is supported by the 0.7593 technical level. On the upside, 0.7850 remains a key barrier. A break above that level reveals the psychological 80 cent region and the high from late-January.
The following chart illustrates the short- and long-term moving averages for the AUDUSD, as well as a trend-following momentum indicator.