The pair has plunged after the Australian CPI data.
Now, it has formed an inverse head and shoulder pattern in the 15-min chart.
Also, the RSI indicator has backed up the bullish reversal formation with an inverse head and shoulder pattern of its own.
Hence, we expect the pair to pullback from the lows to the resistance of 78.870.
The pair has formed a subtle head and shoulder pattern in the 4-hour chart.
It has broken the neckline too and is currently consolidating just below it.
Hence, we expect the pair to trade with bearish bias and move to the support level at 78.618.
