The Australian dollar is coming under heavy downside pressure against the US dollar due to renewed risk-off sentiment and a drop in Asian stocks. A large bearish head and shoulders pattern has been triggered this morning and is in play while the price trades below the 0.7620 level. According to the size of the bearish price pattern, the AUDUSD pair could drop towards the 0.7220 level.
The AUDUSD pair is only bullish while trading above the 0.7620 level, key resistance is found at the 0.7700 and 0.7730 levels.
The AUDUSD pair is only bearish while trading below the 0.7620 level, key support is found at the 0.7460 and 0.7220 levels.
