Investors began selling riskier currencies like the Australian or New Zealand dollar in response to the stronger dollar.
The AUDUSD pair reached the resistance level around the psychological level of 0.7800 (B) and did not have enough strength to get above the previous peak (C).
At the same time, the Stochastic Oscillator has entered the overbought zone, which supports the negative sentiment. Further decline could stop the support level around 0.7600 - 0.7580 (A). A fall below this level would indicate a longer-term downtrend. On the other hand, if the bulls manage to push the price above resistance B, the rate could rise to a three-year high.