AUD/USD Price Analysis: Rejected at Wednesday's highs, potential double-top on 1H chart

AUD/USD is trading near 0.7795 at press time, having faced rejection near Wednesday's high of 0.7820 early today.

The pair now looks to be forming a double top pattern on the hourly chart. A violation of the neckline support of 0.7762 would confirm a double top breakdown or bearish reversal and open the doors for at least 30 pip move to the downside.

The broader bias will remain bullish as long as the ascending 10-day Simple Moving Average (SMA) support is held intact. The SMA is currently located at 0.7674.

Hourly chart

Trend: Pullback

Technical levels

Jan 7, 2021

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