AUD/USD Price Analysis: Bulls lack upside conviction at daily resistance

AUD/USD meets critical resistance at a confluence of structure and a 38.2% Fibo.
Bears eye a downside opportunity at this juncture.

Ross J Burland FXStreet

AUD/USD is lacking momentum on the upside which makes for a compelling case for the downside at this juncture, as illustrated in the following daily chart:

Daily chart

The price is consolidating with failures at resistance above a key support structure that guards the next major demand zone.

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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