AUD/USD Price Analysis: Bears eye a break below key 0.6750

AUD/USD bears are ready to pounce on rallies and eye a break of 0.6750.
Bulls need to get above 0.6850 to break the bearish bias.

Ross J Burland FXStreet

Ahead of next week’s FOMC meeting, US stocks retreated, and this took the Aussie for a ride to the downside as well a the US dollar scrambled higher across the board.

The following illustrates the market structure and the prospect of a downside continuation:

AUD/USD daily chart analysis

The market has been giving two-way business and what we might see now is a downside continuation as follows:

AUD/USD H4 chart

The bears are lurking to fade rallies in the internal and external target areas. A downside target of 0.6750 is eyed that guards low-hanging fruit, LHF, below.

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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