AUDUSD Potential top
The Australian dollar is starting to consolidate against the US dollar, following numerous upside failures towards the 0.7800 level. A bearish head and shoulders pattern has formed and is warning of a 50 point drop if the AUDUSD pair moves under the 0.7750 level. Negative MACD price divergence is also offering a warning on the one-hour time frame and extends down towards the 0.7700 level.
The AUDUSD pair is only bearish while trading below the 0.7750 level, key support is found at the 0.7700 and 0.7660 levels.
The AUDUSD pair is only bullish while trading above the 0.7750 level, key resistance is found at the 0.7800 and 0.7820 levels.