Friday trading saw the pair failing its last attempt to break the 0.749 levels before it spiked towards 0.76104 (23rd June ) after a disappointing US GDP reading. The pair closed below the 76c mark ahead of a week that carries a tough interest rate decision from RBA on Tuesday afternoon.
Interestingly, it appears that the classic two heads and a shoulder pattern was in formation on Friday, with the shoulders at exactly 0.76104 (23rd June - 29th July) and the head at 15th of July high at 0.76765 !
Obviously, that pattern will be invalidated if the 23rd of June high of 0.76474 is broken. However, the descending suggests that we are due for a corrective action with 0.755 is the first support to be tested, followed by 0.752 level. A break below 0.752 would facilitate the takeover of the 0.749 (which I believe won't be fighting any longer) and take us towards lower 74c levels.
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