AUD/USD fails to break above 0.7934

Fortunately for the Aussie, the currency pair succeeded to bounce off from the lower trend-line of a medium-term descending channel yesterday. However, similarly to Monday's morning, it failed to break through the 55-hour SMA. Technical indicators suggest that the third attempt to break to the top will fail as well. This fact allows assuming that the rest of the day the currency rate will spend in a horizontal movement fluctuating between the above support and resistance levels. But even if the pair manages to sneak beyond these boundaries, the subsequent surge should be limited, firstly, by the 100-hour SMA and, secondly, by a combination of the weekly PP at 0.7955 and the 200-hour SMA, while the road downstairs by the weekly S1 at 0.7867.