Aussie upthrust reversal traps bulls

In a previous post I'd been talking about watching for a breakout of a resistance level in the Aussie dollar above the line shown above. We seemingly got a strong close above this but then sharply reversed.

This looks very much like an upthrust reversal pattern. A market breaks higher through an area of congestion but fails to follow through and smartly closes back inside the original pattern. Sometimes breakout patterns fail and traders need to be quick on their feet to exit if something like this happens and even contemplate reversing their positions. At the time of writing this the Aussie has closed in New York but should it remain back inside this pattern then a re-test of the 0.9200 level looks on the cards. A break of that would signal a new downtrend.