The AUDUSD has been in rally mode since coming off the 0.7370 handle on June 2nd. The pair has rallied 260 pips and just last week took out the 0.7565 handle on the back of weaker than expected US CPI and retail sales.
However, since the June 14th high the pair has struggled to make higher highs. Also, the long upper wicks (daily chart) over the past few sessions suggest an increase in selling pressure above 0.7600.
If we drill down to the 4-hour chart, it appears sellers have now breached a trend line that extends from the June 2nd low. Of course, those who need additional confirmation can wait for the 1 pm EST close or even the session close at 5 pm EST before considering an entry.
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