The currency pair ended 2017 with gain over 8.0% plus last week finished with a rally of almost 3.0% and is in an accumulation phase since late December 2017.
Last week the AUDUSD rallied with a narrow range and closed near the week high, but managed to close above the previous week high, which suggests a strong bullish momentum.
The stochastic is showing a strong bullish momentum and crossed above the 50 mid line.
Seems like the currency pair has found some resistance on the confluence of the 200-week moving average with the 2016 high at 0.7850 and we might see a downward correction before another upward move.
Expecting a downward move to a weekly support at 0.7734 on a break below 2016 high at 0.7834 (scenario 1) however a bounce from the weekly support at 0.7734 may trigger another bullish run up to a Fibonacci retracement at 0.7898 (scenario 2).