AUD/USD supported at 0.7760 classic pivot

FXStreet (Guatemala) - AUD/USD is currently trading at 0.7762 with a high of 0.7851 and low of 0.7746.

The greenback has flexed its muscles again and is denying the bulls. AUD/USD is in clear bearish territory on the longer dated sticks, changing hands below critical support-turned-resistance of June 2010 at 0.8081 and is trading in a historically congested area, back off the yearly lows at 0.7626 and bulls are battling for the 0.78 handle but meeting supply with the committed bears coming to play again on bullish attempts to the upside with 0.7850 resistance seeing the pair back down to the classic pivot at 0.7760. This is acting as support for the major for time being, with bears targeting 0.7720.

Beyond here, there is not much activity previously until 0.7620 on the short-term sticks and 0.7380 April 2009 highs are in focus, but until markets are clear on the RBA's attentions and indeed when the rate hike from the Fed will come, we are likely to be range bound 0.8295/0.7620. A break of 0.7620 brings us towards the RBA's desired levels for the Aussie in the 0.75's. The FX wars are on!