Aussie Dollar exhausted at 0.77 level

The Commodity Currency, AUD, is trading at multi-month highs at sub 0.7750 levels. On daily chart, $AUDUSD currency pair is up more than 8% since the new year (0.71280 December low to 0.77418 recent February high). A completed bullish XABCD / BAT pattern is also visible on the chart. However, now the currency pair appears exhausted at current levels with signs of downward pressure. This suggests a short opportunity in next few days or week.

On a short-term 4H chart, the currency pair exhibits bullish trend within narrow parallel upward channel. Some zig-zag / Elliott Waves towards 0.77520 is a possibility in near-term. Strong resistance at 0.775 levels could trigger a reversal. Wait for confirmation to place a trade.


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