AUD/USD Price Analysis: Bears seeking downside break into Jobs data

AUD/USD meets daily resistance and the focus is on the downside.
Bears can target a confluence of structure and Fibo area.

Ross J Burland FXStreet

AUD/USD is on the verge of a significant downside correction as the price meets daily resistance.

Bears can target the prior resistance structure which has a confluence with the 38.2% Fibonacci retracement level of the daily impulse.

Daily chart

The daily chart shows the confluence of the 38.2% Fibo and prior resistance.

30-min chart

The 30-min chart shows meanwhile support that traders will be eyeing for a break, retest and subsequent downside correction to prior daily resistance.

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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