AUDUSD Head and shoulders unfolding
The Australian dollar is looking increasingly uncertain against the US dollar, following the early-week rally above the 0.7800 level. The AUDUSD pair is trapped in consolidation and is now starting to form head and shoulders patterns across multiple time frames. The bearish pattern will either be activated or invalidated once we see a breakout from the 0.7700 to 0.7815 price range.
The AUDUSD pair is only bullish while trading above the 0.7700 level, key resistance is found at the 0.7770 and 0.7815 levels.
The AUDUSD pair is only bearish while trading below the 0.7700 level, key support is found at the 0.7650 and 0.7600 levels.