- AUD/USD rejected at channel top resistance, drop to 0.7587 likely.
- Significant gains in commodities and a broadly weak Greenback supported upside in AUD/USD.
- The pair largely ignored weak Jobs data and has hit session highs at 0.7680, breaking above resistance at 0.7648 (Double top Apr 14th and July 3rd).
- Immediate resistance and supports are located at 0.7724 (rising channel top) and 0.7639 (4h 5-DMA) respectively.
- Longer-term momentum still with the bulls, we expect some intraday correction, possibly upto 0.7587.
- 2-hourly charts confirm weakness, we see bearish Stochs and RSI rollover from overbpought zone.
- A bearish MACD line crossover on signal line also evident.
Recommendation: Good to sell rallies around 0.7645/50, SL: 0.7680, TP: 0.7587
