AUD/USD Price Analysis: Bulls Are Forced To The Edge Of The Abyss
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As per the prior analysis, AUD/USD Price Analysis: Bears are dominating the bias with eyes on break of 0.6900, the price is under water following the breakout below the hand and shoulder pattern that was identified on Tuesday on the hourly chart:
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It was stated that a break below 0.6950 opened the risk of a test of 0.6900 again and from a daily perspective, this could have been the most probable outcome for the days ahead:
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AUD/USD update
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Zoomed in ...
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AUD/USD H1 chart
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As illustrated, the price fell and reached towards the prior peak formation near 0.6850
The price is now stalling despite a strong retail Sales number with 90% of the leg work already done in the Asian and European markets.
The risks are now tilted towards a period of consolidation above last week's lows near 0.6850 but a break of resistance and 0.6920 could start to form a bullish consensus on the charts for the days ahead:
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With the price now being on the backside of the trend, the bulls could start to accumulate positions here and a move into the shorts could be on the cards.
However, should the bears commit below 0.6920:
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There will be probabilities of a much deeper breakout with 0.6720 eyed at the extreme as per the daily chart.
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