AUD/USD Price Analysis: Bears await a break and restest of daily support

AUD/USD is above a critical support level which leaves the bears in the sidelines.
The downside is compelling on a break and hold below the structure.

Ross J Burland FXStreet

AUD/USD has been capped in its pursuit of the mid-summer highs in the mid 0.73 area. Bears are seeking an opportunity to short from the supply zone, but await a break of daily support.

The following is a top-down analysis to illustrate where the next bearish opportunity might arise.

Monthly chart

Weekly chart

The monthly and weekly show the price in a supply zone and the weekly high's wick was a strong rejection.

This area is expected to hold and create a shorting opportunity on repeated upside failures.

Daily chart

Bears need to see a retest of the old support turning resistance prior to target the series if support structure to the downside.

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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