Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD pair topped at 0.7715 during the past Asian session, when the release of the Australian Westpac Melbourne Institute Index of Consumer Sentiment took it down, after falling by 4.0% in April from 99.1 in March to 95.1. Key Quotes: "The downward correction in crude oil prices also weighed on the Aussie as it dragged down all of the commodity-related currencies. The pair fell down to 0.7633 during the American session, but managed to bounce some ahead of the close, indicating a limited downward potential in the short term. Technically, the 1 hour chart shows that the price remains below a bearish 20 SMA, whilst the technical indicators head nowhere within negative territory. In the 4 hours chart, however, the technical picture favors the upside, given that the price is holding above a bullish 20 SMA, currently around 0.7620, and the immediate support, while the RSI indicator resumed its advance around 56 and the Momentum indicator also heads north well above its mid-lines. At this point, the pair needs to break above 0.7720, this year high set last March, to actually recoup its bullish momentum and approach the 0.8000 region." For more information, read our latest forex news.