AUD/USD Price Analysis: Bears await a break and restest of daily support
|- AUD/USD is above a critical support level which leaves the bears in the sidelines.
- The downside is compelling on a break and hold below the structure.
AUD/USD has been capped in its pursuit of the mid-summer highs in the mid 0.73 area. Bears are seeking an opportunity to short from the supply zone, but await a break of daily support.
The following is a top-down analysis to illustrate where the next bearish opportunity might arise.
Monthly chart
Weekly chart
The monthly and weekly show the price in a supply zone and the weekly high's wick was a strong rejection.
This area is expected to hold and create a shorting opportunity on repeated upside failures.
Daily chart
Bears need to see a retest of the old support turning resistance prior to target the series if support structure to the downside.
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.