AUD/USD rebounds from 200-hour SMA

In line with expectations, the currency pair bounced off from the weekly S1 at 0.7600 and tried to clear the path upwards. However, pressure from the 200-hour SMA near 0.7625 did not let the rate further and forced it make another rebound. Movement of the pair during the Wednesday's morning indicates on formation of a new descending channel. However, to confirm its existence, the rate needs to make a second confirmation from the bottom. In any case, if the rate succeeds to gain a foothold below the above S1, it will be free to try to slide to the next support line, which is set up by the weekly S2 at 0.7507. In the opposite scenario, the new surge once again might be neutralized by a combination of the above 200-hour SMA and 55-hour SMA.