Head and shoulders pattern on the AUD/USD

On the 4 hour chart of the AUD/USD we can see that the price has formed an inverted head and shoulders pattern, which up to now it has been working nicely. The price of the AUD/USD was consolidating during the second part of February, but once it broke below the 0.7662 zone, it drops to a low at the 0.7490 zone. From the 0.7490 zone the price bounces to the upside, forming the left shoulder of the pattern and then breaking above its neckline (red line) to continue all the way up to the 0.7700 zone. From the 0.7700 zone, the pair retraces back to the 0.7662 level and goes back up to the 0.7700 zone to form a possible double top pattern. If the AUD/USD breaks below the 0.7662 level, then it may change direction to the downside. Above the 0.7700 level, its next resistance could be the 0.7740 level. Another possible scenario is that the pair may stay consolidated at the current levels like it did in the past without a clear direction.