AUD/USD Price Analysis: Holds triple top support

AUD/USD has formed a triple top pattern on the hourly chart.
A break below the neckline support could invite stronger selling pressure.

Omkar Godbole FXStreet Contributor

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

AUD/USD

Overview
Today last price	0.6935
Today Daily Change	-0.0005
Today Daily Change %	-0.07
Today daily open	0.694

Trends
Daily SMA20	0.6911
Daily SMA50	0.6768
Daily SMA100	0.6531
Daily SMA200	0.6678

Levels
Previous Daily High	0.6998
Previous Daily Low	0.6938
Previous Weekly High	0.7001
Previous Weekly Low	0.6922
Previous Monthly High	0.7065
Previous Monthly Low	0.6648
Daily Fibonacci 38.2%	0.6961
Daily Fibonacci 61.8%	0.6976
Daily Pivot Point S1	0.6919
Daily Pivot Point S2	0.6899
Daily Pivot Point S3	0.6859
Daily Pivot Point R1	0.698
Daily Pivot Point R2	0.7019
Daily Pivot Point R3	0.704

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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