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   “¢   The pair extended overnight modest retracement from fresh monthly tops and now seems to be forming a bearish head & shoulders chart pattern on the 1-hourly chart.

   “¢   Technical indicators on the mentioned chart, though holding in bullish territory, have already started losing positive momentum and add credence to the bearish formation.

   “¢   However, momentum oscillator on 4-hourly/daily chart maintain their bullish bias and hence, traders are likely to wait for a confirmation before initiating aggressive positions.

   “¢   A convincing break through the neckline support, currently near the 0.7300 handle, will confirm a near-term breakdown and pave the way for an extension of the corrective slide.

AUD/USD 1-hourly chart

AUD/USD

Overview:
       Today Last Price:  0.7313
       Today Daily change:  -4.0  pips
       Today Daily change %:  -0.0547%
       Today Daily Open:  0.7317
Trends:
       Previous Daily SMA20:  0.7249
       Previous Daily SMA50:  0.718
       Previous Daily SMA100:  0.7244
       Previous Daily SMA200:  0.7426
Levels:
       Previous Daily High:  0.7345
       Previous Daily Low:  0.7272
       Previous Weekly High:  0.7327
       Previous Weekly Low:  0.7202
       Previous Monthly High:  0.724
       Previous Monthly Low:  0.702
       Previous Daily Fibonacci 38.2%:  0.7317
       Previous Daily Fibonacci 61.8%:  0.73
       Previous Daily Pivot Point S1:  0.7278
       Previous Daily Pivot Point S2:  0.7239
       Previous Daily Pivot Point S3:  0.7205
       Previous Daily Pivot Point R1:  0.735
       Previous Daily Pivot Point R2:  0.7384
       Previous Daily Pivot Point R3:  0.7423