AUD/USD Price Analysis: Retraces from key horizontal resistance above 0.7800

• AUD/USD faces stiff resistance once again near 0.7815.
• Eyes a drop towards the 0.7750 support area on the 4H chart.
• Bullish RSI suggests additional upside still remains on the cards.

AUD/USD is testing minor support near 0.7780 after facing rejection above 0.7800 earlier in the Asian session.

At the time of writing, the aussie hits fresh session lows at 0.7779, down 0.18% on the day.

The retracement from multi-day highs of 0.7716 is likely to extend towards a key support area on the four-hour chart around 0.7755-0.7750.

Around that region, the bullish 21 and 50-simple moving averages (SMA) coincide.

AUD/USD four-hour chart

However, the Relative Strength Index (RSI) still remains within the bullish region, suggesting that the upbeat momentum could resume following the pullback.

Acceptance above the horizontal trendline (orange) resistance at 0.7817 is needed to take on the March highs of 0.7850.

The AUD bulls will then await a strong catalyst to resume their quest towards 0.8000.

AUD/USD additional levels to watch