AUD/USD has been drifting lower albeit during a gentle controlled pace. Technically, support at 0.7670 has given way and there’s a near-term bearish head-and-shoulders top. this suggests we should always expect a near-term consolidation with a light negative bias with an effort to interrupt lower on the year-to-date ranges, consistent with Benjamin Wong, Strategist at DBS Bank.
AUD/USD is drifting lower within consolidation
“Support rising from 0.7532 has been truncated at a 0.7670 bypass, with AUD mild bearish vibes sporting a bearish head-and-shoulders top pattern. We suspect that with the timelines to ascertain through (i.e. the RBA to tailgate the Fed, and until then remaining dovish), there are two sides of the bread to spread the butter for both bears and bulls.”