Sunday, March 26, 2023 6:10 PM EST
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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.
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