AUD/USD unable to hold above 0.7500

AUD/USD  jumped to 0.7525, hitting a fresh 1-month high but only to bounce to the downside to accelerate the correction. The pair has been moving with a bearish bias since the beginning of the American session and the spike higher was short-lived.

Price failed to hold above 0.7500 and dropped recently to 0.7483. At the moment, it trades at 0.7488, up 0.52% for the day so far. The aussie is about to post the third daily gain out of the last four trading days.

AUD/USD still testing the 0.7500 area

Yesterday and today AUD/USD traded above 0.7500 but it failed to hold. The area between 0.7470 and 0.7500 is a relevant resistance zone and a consolidation on top would open the doors for a continuation of the rally that started early in June after price bottomed at 0.7140/50.

If it fails to hold above 0.7500 then a bearish correction seems probable. A key support to the current movement it the 0.7350 area, that limited the downside during the previous week and also where the 20-day moving average currently stands. A break below could accelerate the decline.