FXStreet reports that the AUD/USD pair is reverting lower from the “neckline” to its top at .7681 in early trading today and analysts at Credit Suisse look for further downside to unfold in due course

“AUD/USD remains capped by the ‘neckline’ to its large ‘head and shoulders’ top, currently at 0.7681, with mild weakness unfolding in early trading today. We look for this area to ideally cap and for downside to take over again following the completion of the aforementioned top.” 

“We see support initially at 0.7606/.7596, beneath which would open the door to a move back to the cluster of supports at 0.7564/32. We would look for a short breather at this stage, however removal of here would subsequently open up 0.7517, then 0.7500/7499 – the 50% retracement of the surge from November 2020.”