AUD/USD stops near weekly PP

The five-hour depreciation of the Aussie against the US Dollar in the early Monday resulted in the breakout from a recently formed descending channel. However, the downfall did not continue, as the pair was reversed by the updated weekly PP at 0.7656, which was additionally supported by the 100-hour SMA near 0.7648. If we consider this episode as a correction, then during the rest of the day the pair is expected to surge within the boundaries of the channel. Otherwise, the rate is expected to try to break though the above support line one more time. If it succeeds to do that, there will be no notable barriers on its way until the 200-hour SMA or weekly S1 at 0.7608 and 0.7600.