The Australian dollar was trading slightly elevated against the US dollar in early hours today following the Q4 report release, that showed better than expected numbers. The pair marked daily high at 0.7694, but shortly afterwards retreated to lower levels and the current market price is 0.7665.
Anyway the pair continues to stay within the well know tight range, failing to move up. The upward potential is limited by the bearish 20-day SMA, currently being around 0.7680 area. On the four-hours time frame RSI is below the mid-lines and is turning to south, while stochastic is located within oversold are and is loosing directional strength. Immediate support is seen at 0.7660 and in case of closing below it, bears most likely will try to test next one at 0.7600. Looking to the upside first resistance is placed at 0.7720 (last week highs) and higher at 0.7740.