The Australian dollar currency is looking increasingly bullish against the US dollar, following yesterday bullish move above the 0.7800 area. A bullish inverted head and shoulders pattern has been activated and is projecting over a potential move towards the 0.7870 level. AUDUSD bulls need to hold the price above the neckline of the pattern, at the 0.7787 level, to keep the pattern activated.
The AUDUSD pair is only bullish while trading above the 0.7787 level, key resistance is found at the 0.7850 and 0.7870 levels.
The AUDUSD pair is only bearish while trading below the 0.7787 level, key support is found at the 0.7770 and 0.7750 levels.
