- AUD/USD is on the verge of a breakout to the downside on the hourly time frame.
- Bears are seeking a break of shorter-term support.
Similar to USD/CAD, USD/CAD Price Analysis: Bulls on the verge of a fresh hourly impulse, AUD/USD is shaping up for an equal opportunity on the hourly time frame as follows:
AUD/USD hourly chart
The trend is bearish and the price could be on the verge of a downside extension for the sessions ahead.
The price corrected to a 61.8% Fibonacci and has been capped a number of times near the 50% mean reversion level.
AUD/USD 15-min chart
From a lower time frame perspective, the bears need to break support near 0.7420.
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