AUD/USD Price Analysis: Bears Ready To Pounce

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  • The AUD/USD currency pair is at the front of the bearish trend, potentially leading to a bearish start to the new trading week.
  • AUD/USD bears have been lurking below the Fibonacci scale. 

As per the prior analysis, we have indeed seen a deeper move into support.

AUD/USD Prior Support

At the moment, there is emphasis to the downside on the lower timeframes.

Zooming in, we can see that the AUD/USD currency pair had left an M-shaped formation on the four-hour chart. A correction into the neckline would meet a 38.2% Fibonacci of the prior bearish leg.

Either way, the bias has been to the downside for a deeper test into the support area. The 0.6725 level has been serving as upside resistance, guarding a continuation higher.

AUD/USD Update

The price action followed the forecasted trajectory, as illustrated above. 

With the recent break of the structure at the 0.6650 level, there is still a bias to the downside while at the front side of the bearish trendline.

More By This Author:

EUR/USD Edges Lower And Tests 1.0750 Support As A Triple Bottom Stays In Play
GBP/USD Corrects Further From Multi-Week High, Drops Closer To 1.2200 On Weaker UK PMIs
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Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...

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