The Australian dollar is attempting to recover higher against the US dollar currency ahead of the release of the Australian monthly jobs report and fourth fiscal quarter GDP. A large bearish pattern is engulfing the AUDUSD on the lower time frames and is a warning of a strong price drop if the pair drops under the 0.7600 level. AUDUSD bulls need to move the price above the 0.7800 level to improve the pairs short-term prospects.
The AUDUSD pair is only bearish while trading below the 0.7750 level, key support is found at the 0.7700 and 0.7600 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.
