Steps lower into support….
The AUDUSD last week stalled at 0.7695 not once but twice. Nice double top….
If you look at the daily chart (see chart below), the price of the pair has traded a number of times above the 0.7700 level since May 2016 (9 months). However, of the 15 days that price has been above that level, there have only been 3 days when the price closed above 0.7700. Buyers are having trouble maintaining the price above the 0.7700 level. That was the peak last week (see hourly chart above). If we are to go higher, the price needs to get and stay above that 0.7700 level.