AUD/USD rebounds at 0.7867

As it was expected, the currency pair failed to jump above the 55-hour SMA and spent the rest of the previous trading day near the bottom line of a medium-term descending channel. Most likely the pair could continue to move between these barriers, but a speech delivered by the RBA Assistant Governor Kent forced the Aussie to drop by 50 basis points. The further fall was prevented by the weekly S1 at 0.7867, which played a role of a springboard. Today the pair is expected to continue to climb to the top even though this endeavour, most probably, will be compromised again by the above 55-hour SMA. But such outcome would only additionally confirm an existence of a little descending channel that formed couple of days ago.