AUD/USD: Possible test of the 0.7900 level

The Australian Dollar versus the US Dollar has finally broken out above the 0.7800 level and it may try to visit the 0.7900 level. A possible visit of the 0.7900 could have the price bounce to the downside from there, because that level could become a good resistance. If there is indeed a bounce to the downside from the 0.7900 level, price may try to come back to the 0.7800 again. Therefore, we must attentive as to how the price may react once it tests the 0.7900 level.