The Australian dollar has reversed sharply higher against the US dollar, as the greenback continues to come under pressure across the board. Lower time frame analysis shows that a bullish inverted head and shoulders pattern has been activated, following a move above the 0.7670 level. According to the overall size of the pattern, the AUDUSD pair could rally towards the 0.7770 level.
The AUDUSD pair is only bullish while trading above the 0.7650 level, key resistance is found at the 0.7730 and 0.7770 levels.
The AUDUSD pair is only bearish while trading below the 0.7650 level, key support is found at the 0.7620 and 0.7580 levels.