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.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
