AUD/USD: Consolidation around the 0.7700 level

The Australian Dollar versus the US Dollar is consolidating around the 0.7700 level and it stays below the 200 period exponential moving average on the one hour chart (blue line), after a bullish retracement on a day that has shown some weakness on the greenback. From this current level the price may head in any direction, but since the trend coming into this consolidation is bullish, then there are more probabilities of seeing a breakout to the upside. If we see confirmation of the breakout and a pullback to this same level, especially to the 200 period moving average, then we may get an opportunity to go long.