AUD/USD Price Analysis: Bears need to show-up at critical resistance

AUD/USD bulls are stepping in at a critical level of monthly support as the last defence.
Bears will need to show up in strength at the 4-hour resistance.

Ross J Burland FXStreet

As per the prior analysis, AUD/USD Price Analysis: Bears need to contemplate monthly support, the price has indeed melted to test the bullish commitments at this very critical area of monthly support.

Monthly chart and significant support

Prior daily analysis

The price was anticipated to melt to the downside as follows:

''The price has been pressured by the 10-day EMA and would be now expected to continue its southerly trajectory in the form of a fresh bearish daily impulse.''

Prior daily chart and monthly support

The monthly support between 0.7500 and 0.7530 was identified as a potential obstacle to the daily downside continuation.

Live market analysis

As expected, the price from a daily perspective has melted to the downside to test the monthly support.

0.7420 is now the downside target for the bears if the current 4-hour resistance, on a restest, can hold off the monthly demand from the bulls:

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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