The Australian dollar currency could be about to correct lower against the US dollar, after bulls once again failed to break above the former weekly high. A bearish head and shoulders pattern across the lower time frames will be activated if sellers move the pair under the 0.7700 level. According to the overall size of the pattern the AUDUSD pair could fall towards the 0.7600 level.
The AUDUSD pair is only bullish while trading above the 0.7750 level, key resistance is found at the 0.7800 and 0.7885 levels.
The AUDUSD pair is only bearish while trading below the 0.7750 level, key support is found at the 0.7700 and 0.7650 levels.
