AUD/USD rebounds from channel line

Movement of the pair during today's early morning confirmed an existence of a large descending channel. The AUD/USD made two attempts to pass through its upper trend-line, but they both have failed. In the meantime, an equivalent pressure from the bottom exercised by the 200-hour SMA prevented the currency rate from an expected downfall. As a result, the pair became squeezed between the upper boundary of the channel in conjunction with the weekly R1 at 0.7622 from the top and the 200-hour SMA supported by the weekly PP at 0.7578 and 100-hour SMA at 0.7579 from the bottom. For this reason, a breakout in both directions has an equal chance to happen. Nevertheless, the channel line seems to be a more powerful barrier that the simple moving average.