AUD/USD gained strong positive traction for the second consecutive session on Wednesday. The emergence of fresh selling around the USD was seen fueling the ongoing strong move up. RSI on the daily chart is flashing overbought conditions and warrants some caution for bulls. The AUD/USD pair added to the previous day’s strong positive move and continued scaling higher for the second consecutive session on Wednesday. The momentum pushed the pair to fresh 33-month tops, with bulls now eyeing a move beyond the 0.7800 mark. Increasing bets for a Democrat-led Senate and expectations for additional fiscal measures prompted some fresh selling around the US dollar. This, in turn, was seen as a key factor that provided a goodish lift to the AUD/USD pair and remained supportive. Meanwhile, RSI on the daily chart is already flashing overbought conditions. This, along with a cautious mood around the equity markets, makes it prudent to wait for some near-term consolidation or a modest pullback before placing fresh bullish bets. That said, the near-term bias remains tilted firmly in favour of bullish traders. Hence, any corrective slide might still be seen as a buying opportunity and remain limited near the 0.7740-35 horizontal resistance breakpoint, now turned support. Any subsequent weakness might prompt some profit-taking and turn the pair vulnerable to break below the 0.7700 mark. The corrective slide could further get extended and drag the AUD/USD pair back towards weekly swing lows, around the 0.7640 region. On the flip side, sustained move beyond the 0.7800 mark has the potential to lift the AUD/USD pair further towards the 0.7845-50 region. Bulls might then aim to reclaim the 0.7900 mark and challenge March 2018 swing highs, around the 0.7915 area. AUD/USD 1-hourly chart Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD: Georgia Senate Election Run-Off: FX Market Implications – TD Kenny Fisher 1 year AUD/USD gained strong positive traction for the second consecutive session on Wednesday. The emergence of fresh selling around the USD was seen fueling the ongoing strong move up. RSI on the daily chart is flashing overbought conditions and warrants some caution for bulls. The AUD/USD pair added to the previous day's strong positive move and continued scaling higher for the second consecutive session on Wednesday. The momentum pushed the pair to fresh 33-month tops, with bulls now eyeing a move beyond the 0.7800 mark. Increasing bets for a Democrat-led Senate and expectations for additional fiscal measures prompted some fresh selling… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.