The Australian dollar is trading at multi-year highs against the US dollar currency as the rally in the commodity space continues to boost antipodean currencies. A bullish inverted head and shoulders pattern is currently in play and is projecting an upcoming move towards the 0.8050 level. Caution is advised as bearish MACD price divergence has formed and extends down towards 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 0.8050 and 0.8130 levels.
