The AUDUSD drifted lower in Monday’s Sydney session, although the technical indicators are pointing to a gradual recovery at the 0.7800 level following a large downward consolidation for the US dollar.
The AUDUSD has been repeatedly rejected at the 0.7850 level. The pair climbed to a high of 0.7800 last week following the Federal Reserve’s overly cautious policy announcement.
The pair was trading at 0.7775 in the morning session, down nearly 0.2 percent. The hourly chart has turned bullish, with 0.7850 as the next major resistance test. Both the MACD and the RSI are pointing upward, supporting a bigger recovery for the pair.