AUD/USD Price Analysis: Aussie probes former support-turned-hurdle

• AUSD/USD has erased early losses to trade near key resistance. 
• A rejection there could invite stronger selling pressure. 

AUD/USD is trading near 0.7643 at press time, having picked up a bid below 0.7610 early Monday. 

The pair is flirting with the lower end of a channel pattern represented by trendlines connecting Jan. 11 and Jan. 18 lows and Jan. 6 and Jan. 14 highs. 

A convincing move back inside the channel could yield another round of consolidation in the range of 0.7650-0.7750. However, a rejection at the current level, followed by a quick move under 0.7592 – the low of Thursday's long-tailed candle – would imply a bearish reversal. That would expose the higher low of 0.7462 created on Jan. 21. 

On the higher side, 0.7764 (Jan. 27 high) is the level to beat for the bulls. 

Daily chart

Trend: Neutral

Technical levels