AUD/USD Price Analysis: Bears are in the market again, eyeing a move to 0.6620

AUD/USD bulls are trying to correct the US Dollar´s resurgence.
The bears seek a downside breakout continuation.

Ross J Burland FXStreet

AUD/USD is under pressure and is testing around 0.6650 as the US Dollar battles back after the rollercoaster day on Wednesday mostly related to the Federal Reserve interest rate decision. The following illustrates the market structure ahead of a slew of data that could affect the price of the Aussie.

AUD/USD H1 chart

If the bears commit below 0.6670, where resistance meets a 78.6% Fibonacci, then there is a high possibility that the price could continue to deteriorate towards 0.6620 prior swing lows. If the bulls break above 0.6680, the bias will be back into their hands for a continuation of the bullish trend.

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.

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