AUD/USD is vulnerable to profit taking

An engulfing pattern with bearish reversal implications has been formalized on the AUD/USD daily chart.

The candlestick pattern indicates that the trend has lost momentum and bearish investors may be getting stronger. The MACD line above zero but swinging lower highs implies dwindling upward momentum for this pair as well.

Equally significant in its bearish implications is the daily close below the weekly pivot point.