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AUD/USD Price Analysis: Bears setting their sights as price steps into their lair
- AUD/USD reached into a supply zone and unless it can break the near term structure, focus is on the downside.
- From a top-down analysis, the various structures are identified.
Ahead of Chinese data to start the week, AUD/USD has reached higher within a supply zone, but unless it can break out to the upside, the focus is on the downside.
On the 4-hour chart, we can see a number of key features that include a rising trend line target, a slight confluence of the 61.8% Fibonacci retracement as well as prior highs, which make up the target area:
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From a top-down analysis, the supply zone is shown on the monthly chart as follows:
-637344308729435948.png)
On a daily analysis, there are two possible scenarios identified as follows:
Scenario 1
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Scenario 2
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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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