AUD/USD Price Analysis: Bears Ready To Pounce

Image Source: Pexels

  • 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
Gold Price Forecast: Dovish Fed Hike Spurs Recovery In XAU/USD

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 ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with