The Australian dollar is falling fast against the US dollar as commodity-related currencies remain under heavy selling pressure. A large bearish head and shoulders pattern has been activated after the pair moved under the 0.7580 level last week. The 0.7280 level is a possible bearish target for the AUDUSD pair if the 0.7400 technical support level is broken this week.
The AUDUSD pair is only bullish while trading above the 0.7580 level, key resistance is found at the 0.7640 and 0.7700 levels.
The AUDUSD pair is only bearish while trading below the 0.7580 level, key support is found at the 0.7400 and 0.7280 levels.
