AUD/USD At Resistance

AUD/USD is trading at resistance after the pair just touched the upper trend line. The price reached a high of 0.7746 and is now trading at 0.7724. If the momentum progresses, bears will push the price down to first target at 0.7660.

On the other hand, now is the time when bulls should muster up strength and climb higher above the resistance level at 0.7750.

Apart from Tuesday's speech by Janet Yellen we have no major news scheduled for the week. The Fed chair will be speaking on current economic direction, the outlook for the US economy and possible Q&A session.

That can give a new touch to the markets and the AUD/USD pair might react in high volatility. Until then, markets will be driven by technicals and not so much by fundamentals.

Chart: AUD/USD H4