AUD/USD Price Analysis: Eyes are on critical daily dynamic support
|- AUD/USD bears eye a 50% mean reversion in the lower quarter of the 0.6700s.
- A break of the supporting trendline and subsequent test of 0.6640/50 could be a significant bearish development.
As per the prior analysis, AUD/USD Price Analysis: Bulls eye 0.6850 while bears look to 0.6650, AUD/USD remains within familiar ranges, struggling to get beyond 0.6800 as the following illustrates:
AUD/USD prior analysis
The price has reached through the resistance area but has subsequently moved in on the length taking on the midpoint of the prior bullish impulse as follows:
AUD/USD H4 chart update
The engulfment came in a strong move to the downside that leaves the bias bearish for the opening sessions at the start of the week with the dynamic trendline support eyed.
AUD/USD daily chart
On the daily time frame, support is expected in the 50% mean reversion area and lower quarter of the 0.6700s. Should the supporting trendline be broken, a move below 0.6640/50 could be a significant bearish development ahead of the critical remaining calendar events for the year.
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.