The Australian dollar is still holding a bearish bias against the US dollar ahead of tomorrow Reserve Bank of Australia interest rate decision. A bearish head and shoulders pattern has been activated and is indicating that the AUDUSD pair could fall towards the 0.7280 level. AUDUSD bulls need to anchor the price above the 0.7580 level in order for selling pressure to start to decrease.
The AUDUSD pair is only bearish while trading below the 0.7580 level, key support is found at the 0.7440 and 0.7280 levels.
The AUDUSD pair is only bullish while trading above the 0.7580 level, key resistance is found at the 0.7640 and 0.7700 levels.