AUD/USD Price Analysis: Bears are making their move

Bears remain below the counter-trendline resistance which leaves the focus on the downside.
AUD/USD bears could be about to move in for a run to 0.6800.

Ross J Burland FXStreet

AUD/USD bulls have so far committed but the counter trendline resistance is keeping them in check. The following illustrates the price structures on a 4-hour time frame and the prospects of a breakdown of the same for the coming sessions.

AUD/USD H4 chart

As illustrated, the price is being rejected by the counter trendline resistance and is forking the makings of an M-formation in the process. A break to the downside will open the risk of a test to 0.6920/10 which could leave the price trapped between there and the neckline of the M-pattern around 0.6965. A break of 0.6900, on the other hand, opens the risk of a continuation of the bearish breakout towards 0.68 the figure for the days 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.

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