The Australian dollar is at risk of falling to a new yearly low against the US dollar, following a heavy rejection from the 0.7580 resistance level. The rejection is important because it was the neckline area of a large head and shoulders pattern. The bearish price pattern is currently warning that the AUDUSD pair could be about to stage a drop towards the 0.7280 support level.
The AUDUSD pair is only bearish while trading below the 0.7590 level, key support is found at the 0.7400 and 0.7280 levels.
The AUDUSD pair is only bullish while trading above the 0.7590 level, key resistance is found at the 0.7650 and 0.7700 levels.
