The price of AUDUSD has formed a head and shoulders bearish formation is very likely to retest 0.72 area.
The setup.
Sell a break of current support area below 0.7240 and take profit at 0.7200 area resulting in around 40 pips.
Technicals.
Head and shoulders formation has been identified. Break of 0.7240 will bring negative momentum. RSI is trending lower and MACD is on a one way selling wave with no technical reason being bullish.