The Australian dollar is gaining traction against the US dollar, following yesterday’s RBA meeting and renewed selling of the greenback. A bullish inverted head and shoulders pattern will be activated on the lower time frames if the AUDUSD pair breaches the former weekly high, around 0.7667. Gains above this area could cause a rally towards the 0.7735 level, and possibly towards extended resistance, around 0.7770.
The AUDUSD pair is only bullish while trading above the 0.7620 level, key resistance is found at the 0.7667 and 0.7730 levels.
The AUDUSD pair is only bearish while trading below the 0.7620 level, key support is found at the 0.7580 and 0.7536 levels.
