AUD/USD Price Analysis: Price back below the 21-hour moving average, taregtting lower structures
|AUD/USD has broken structure to the downside on an hourly basis.
Bears will be seeking to sell into rallies around the 38.2% Fibonacci, (guarding the 21-hour moving average) if the structure is pierced at the lower confluence of the 23.6% Fibonacci and 50-hour moving average.
To the downside, the various highs of the uptrend are marked with an eclipse offering potential demand levels en-route towards the 200-hour moving average and lowest levels structure.
meanwhile, a spike in the greenback is driving the major son the session leading into the Federal Reserve minutes.
This move in the greenback could dent the positioning at August highs and subsequently lead to profit-taking and a lower pair for weeks to come.
A meaningful correction in the greenback would open prospects of a monthly structure target down at 0.7035.
AUD/USD hourly chart
AUD/USD levels
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