AUD/USD Price Analysis: Bears moving in, eyes for restest of H1 lows

AUD/USD bears are lurking in various resistance areas as the price corrects.
0.7220 is eyed near the counter-trendline but 0.7180 could be a critical resistance.

Ross J Burland FXStreet

AUD/USD could be on the verge of a downside continuation and break of dynamic daily support. The following illustrates this from a daily and 4-hour perspective taking into account the Fibonacci levels.

AUD/USD daily chart

As illustrated, the bulls are moving in for a restest of higher liquidity in a correction of the recent bearish impulse. 0.7180 is currently coming under pressure which could hold initial tests.

AUD/USD H4 chart

Meanwhile, the 4-hour chart shows that the price is moving in on resistance also and a number of liquidity areas of interest are highlighted. A break of 0.7180 and then 0.72 the figure open risk to the counter-trendline and the 61.8% Fibonacci retracement level near 0.7220. This would be expected to be the last area of defence.

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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