AUD/USD – flirting with confluence of resistance

Pair’s rebound from 100-DMA support last week if followed by a failure to cut through/hold above 0.7606 (rising trend line coming from May 30 low and July 27 low + weekly 5-MA + weekly 50-MA of 0.7588) would signal a fresh drop to 0.7349 (weekly 50-MA).

Note the multiple weekly candles with long upper shadows. Those add credence to the bearish view mentioned above.

On the higher side, only a day end close above 0.7835 would signal onset of fresh rally towards 0.80 handle.