AUD/USD Price Analysis: Holds triple top support
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- AUD/USD has formed a triple top pattern on the hourly chart.
- A break below the neckline support could invite stronger selling pressure.
AUD/USD is trading near 0.6935 at press time, having almost tested support at 0.6925 a few minutes ago.
That level is currently housing the neckline of the triple top pattern seen on the hourly chart. The pair faced rejection in the range of 0.6992-0.7002 three times in the last seven days.
Acceptance under the neckline support would imply bearish reversal and open the doors to 0.6850 (target as per the measured move method).
A triple top breakdown looks likely as the previous week’s Doji candle is indicative of buyer exhaustion. In addition, Monday’s inverted hammer is hinting at reversal lower.
Acceptance above 0.70 is needed to invalidate the immediate bearish bias.
Hourly chart
Trend: Bearish
Technical levels
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