AUD/USD Price Analysis: Under pressure, forms head-and-shoulders on 1H

• US dollar's broad-based oversold bounce weighs over AUD/USD. 
• The pair carves out a bearish pattern on the hourly chart. 

AUD/USD is currently trading 0.30% lower on the day near 0.7744, having declined by 0.41% on Thursday. 

The losses could be associated with the US dollar's broad-based oversold bounce. 

The hourly chart shows the currency pair is forming a head-and-shoulders pattern with neckline support near 0.7724. 

Acceptance under that level would confirm bearish reversal and open the doors to 0.7628 (target as per the measured move method). 

On the higher side, the session high of 0.7773 is the level to watch out for, followed by Wednesday's high of 0.7820. 

Hourly chart

Trend: Bearish below 0.7724

Technical levels