AUD/USD breaks channel line

Contrary to expectations, the AUD/USD did not continue the fall, but found a support near the 0.7540 mark. The pair successfully used an upward momentum to break through the upper channel line and the weekly S1 at 0.7552. However, the strength of the surge was not enough to bypass the 200-hour SMA at 0.7584, which is additionally supported by the 100-houd SMA. Accordingly, two scenarios are possible. In first, the currency rate is going to try to break the above resistance level one more time and, thus, clear the path to the weekly PP at 0.7594. In second, the pair is likely to drop to the combined support formed by the 20-, 55-hour SMAs at 0.7554 and the weekly S1 at 0.7552.