AUD/USD Price Analysis: Bears in the market, chipping away into key support

AUD/USD bulls look to the 38.2% Fibonacci of the prior bearish leg and then 0.6725 which guards a continuation higher.
Bears are in the market and eye a move deeper into support.

Ross J Burland FXStreet

AUD/USD is under pressure below a key 0.6720 area and the focus is on the downside for the immediate future. The following illustrates the bias and the prospects of a deeper move into support:

The bias is bullish while being on the back side of the prior bearish trend although there is an emphasis on the downside for the meanwhile on the lower time frames:

Zoomed in, we can see that AUD/USD has left an M-formation on the 4-hour chart. Currently, a correction into the neckline would meet a 38.2% Fibonacci of the prior bearish leg. Either way, while below here, the bias is to the downside for a deeper test into the support area. 0.6725 is an upside resistance that guards a continuation higher subsequent of the bullish breakout.

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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