AUDUSD: Rebound at key level makes case for Right shoulder

The Australian dollar has sharply fallen against the US dollar after a disappointing week in terms of the economy. Some economic indicators have also raised concerns that the Reserve Bank of Australia (RBA) may have reached its peak in terms of interest rates and may proceed with rate cuts later this year. AUDUSD has dropped by over 1% this week to reach a 1-month low, but it has now rebounded and is currently trading around 0.6580. By observing the daily chart, we can see that the current uptrend might complete the Head and Shoulder pattern, with the right shoulder already taking shape.