AUD/USD managed to find some support near the 0.7600 mark and edged higher on Thursday. The overnight break below 200-hour SMA. ascending channel support favours bearish traders. The pair remains vulnerable to retest YTD lows before eventually dropping to sub-0.7500 levels. The AUD/USD pair edged higher during the Asian session and climbed to fresh daily tops, around the 0.720 region in the last hour. The underlying bullish sentiment in the financial markets was seen as a key factor lending some support to the perceived riskier aussie. That said, a modest pickup in the US Treasury bond yields underpinned the US dollar, which, in turn, capped any meaningful gains for the AUD/USD pair. Looking at the technical picture, the AUD/USD pair on Wednesday confirmed a bearish break through confluence support, comprising of 200-hour SMA and the lower end of a three-day-old ascending channel. The set-up favours bearish traders and supports prospects for a further depreciating move. That said, bulls have been showing some resilience near the 0.7600 mark, which should act as a key pivotal point for short-term traders. A convincing break below will reaffirm the negative bias and turn the AUD/USD pair vulnerable to retest YTD lows, around the 0.7530 area touched earlier this April. Meanwhile, technical indicators on daily/hourly charts are holding in the negative territory and add credence to the bearish outlook. Hence, some follow-through weakness towards the 0.7500 psychological mark, en-route the next relevant support near the 0.7460 zone, remains a distinct possibility. On the flip side, any meaningful recovery might continue to confront stiff resistance near the 0.7660-70 heavy supply zone. This coincides with the top boundary of the mentioned channel, which if cleared decisively might prompt some short-covering move and push the AUD/USD pair to the 0.7700 mark. AUD/USD 1-hour 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 EUR/USD holds steady above mid-1.1800s, upside seems limited ahead of Powell’s speech FX Street 2 years AUD/USD managed to find some support near the 0.7600 mark and edged higher on Thursday. The overnight break below 200-hour SMA. ascending channel support favours bearish traders. The pair remains vulnerable to retest YTD lows before eventually dropping to sub-0.7500 levels. The AUD/USD pair edged higher during the Asian session and climbed to fresh daily tops, around the 0.720 region in the last hour. The underlying bullish sentiment in the financial markets was seen as a key factor lending some support to the perceived riskier aussie. That said, a modest pickup in the US Treasury bond yields underpinned the US… 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.