AUD/USD fails again above 0.7600 and retreats

AUD/USD failed to hold to gains and pulled back toward the price it closed yesterday. The greenback, after falling across the board during the European session, recovered strength, particularly against commodity and emerging market currencies. 

Rejected from above 0.7600

The Australian dollar rose to 0.7624 earlier today hitting the highest level in a week. It failed to hold on top of 0.7600 and lost strength. Recently it fell to 0.7580/85, slightly above Asian session lows and it was trading at 0.7585/90, marginally higher for the day. 

AUD/USD still holds a bullish tone and it is supported by a short-term uptrend line that stands around 0.7580. A break lower would add bearish pressure to the pair, possibly targeting the next strong intraday support located around 0.7560.

Difficulties near 0.7630/40

The pair lost momentum today after approaching 0.7635,  the June high. As long as the Aussie remains unable to break above and consolidate on top of 0.7630, it would be exposed to corrections. A break higher, would clear the way to more gains. 

On a wider perspective,  a relevant support to the bullish outlook is seen at 0.7540, the 20-day moving average. Overall, a strong support area is located between 0.7560 and 0.7520 (also last week lows). That zone is likely to stop the decline, but if the price drops below, the greenback would be ready to extend the rally.