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AUD/USD Price Analysis: Under pressure, forms head-and-shoulders on 1H
Abstract：US dollar's broad-based oversold bounce weighs over AUD/USD. The pair carves out a bearish pattern on the hourly chart.
AUD/USD is currently trading 0.30% lower on the day near 0.7744, having declined by 0.41% on Thursday.
The losses could be associated with the US dollar's broad-based oversold bounce.
The hourly chart shows the currency pair is forming a head-and-shoulders pattern with neckline support near 0.7724.
Acceptance under that level would confirm bearish reversal and open the doors to 0.7628 (target as per the measured move method).
On the higher side, the session high of 0.7773 is the level to watch out for, followed by Wednesday's high of 0.7820.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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