AUDUSD Head and shoulders invalidated
The Australian dollar is looking increasingly bullish against the US dollar after a bearish head and shoulders pattern was invalidated across multiple time frames. The size of the invalidated head and shoulders pattern is indicating that the AUDUSD pair could rally towards the 0.7900 level. Watch out for further strong gains while the AUDUSD pair trades above the 0.7810 level.
The AUDUSD pair is only bullish while trading above the 0.7770 level, key resistance is found at the 0.7850 and 0.7900 levels.
The AUDUSD pair is only bearish while trading below the 0.7770 level, key support is found at the 0.7720 and 0.7680 levels.