AUDUSD: Potential bullish movement up to 0.80 level.

We can see that OANDA:AUDUSD tried to rally earlier this week but failed to break past the 0.78 resistance level . This is expected as OANDA:XAUUSD continues to fall and TVC:DXY rises. This pair should continue to retrace further as OANDA:XAUUSD continues to show weakness and TVC:DXY strengthens.

The pair looks poised for a bullish movement up as the Biden administration continues work to push out the next stimulus package. A stimulus package will further weaken the US dollar and thus strengthen the pair. Right now, I believe a pullback is expected before the next test of the 0.78 resistance level happens. A break above the 0.78 resistance level will open up this pair to the 0.80 level, while a break below the 0.76 support level can potentially open the pair up to more bearish movement.

Look for buying opportunities after the pullback and break above the 0.78 resistance level.