AUDUSD is currently trading inside an ascending channel on its daily time frame and is testing support. Price is also moving inside a short-term descending channel and might need to break past the resistance before establishing bullish momentum.
The Australian dollar has been very volatile during the Friday session, initially dipping to a fresh, new low, and then exploding to the upside.
AUDUSD had been trading inside an ascending triangle on its long-term time frame and has just broken past the resistance at the .7750 minor psychological mark.
Gold has been undermined by rising government bond yields owing to major central banks generally turning more hawkish while the still-buoyant equity markets means there has been reduced demand for the perceived safe haven asset.
The Australian dollar initially slid a bit at the open on Friday, but then bounced significantly towards the 0.76 handle.
The Australian dollar went sideways and a very choppy session on Thursday, finding resistance just above the 0.76 handle.
The AUDUSD pair initially tried to rally on Wednesday, but found enough resistance near the 0.7625 handle to turn around and drop towards the 0.7580 level.
The AUDUSD pair rallied a bit during the day, but then pulled back on Monday, testing the 0.7560 level.
The Australian dollar shut higher initially during the day on Friday, but then pulled back to test the opening again, only to rally and reach towards the 0.7625 handle.
The Australian dollar try to rally during the session on Tuesday, but found enough resistance above the turnaround for a bit of a shooting star.
