AUD/USD Price Analysis: A trip into the 0.7090's could be on the cards
|- Ukraine risks are driving the price action at the start of the week.
- AUD/USD bears eye between 0.7150 and the 0.7090s.
AUD/USD is under pressure in a risk-off environment at the start of the week as markets weigh the Ukraine crisis risks following the latest developments from over the weekend. This puts an emphasis on the downside with the price at a critical juncture as illustrated in the following analysis on the daily and hourly charts.
AUD/USD daily chart
The pair has been volatile over the course of the crisis and has managed, so far, to recover back to the counter-trendline of the rising wedge formation. However, there are prospects of a downside continuation should the resistance hold up.
AUD/USD hourly chart
The bears will note the imbalance of price to the downside below 0.7150 into the 0.7090s which could be targeted for the sessions ahead.
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 and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.