AUD/USD Head and Shoulders top still in play

AUD/USD hold at resistance in the 0.7820-49 zone keeps in play the possibility of forming a large, bearish Head and Shoulders (H&S) pattern. A daily close below initial support at 0.7677 – a barrier reinforced by a rising trend line – probably opens the door to challenge the H&S neckline. Breaching that would complete the top formation and imply a measured move down toward the 0.71 figure (approximately 0.7120). Reclaiming a foothold above 0.7849 is probably necessary to neutralize near-term selling pressure. The 2021 swing top at 0.8007 follows thereafter.