Pullback on the AUD/USD towards the 0.7700 level

The Australian Dollar dropped unexpectedly during today’s session after the interest rate cut announcement by the Reserve Bank of Australia. Initially, the AUD/USD drops from the 0.7800 zone until it breaks below the 0.7700 level. The pair has fallen to the 0.7625 level from where it has started to make a correction to the upside. At the moment, the price is very close to touching the 0.7700 area again, and the zone could become a good resistance for the pair, mostly because this is a round number level. Let’s be on the lookout for a possible bounce to the downside from the 0.7700 area, especially because a breakout-and-pullback pattern may develop.