The Australian dollar is under heavy downside pressure against the US dollar currency after suffering a major reversal from the 0.8000 resistance level. A bearish head and shoulders pattern is now in play, following the move under the 0.7850 support area. AUDUSD traders should be aware that bearish MACD price divergence has now been reversed, following the move under the 0.7850 level.
The AUDUSD pair is only bearish while trading below the 0.7850 level, key support is found at the 0.7800 and 0.7740 levels.
The AUDUSD pair is only bullish while trading above the 0.7850 level, key resistance is found at the 0.7880 and 0.7910 levels.