AUD/USD Price Analysis: Bulls look to 0.6750 but bears are lurking

AUD/USD bulls eye 0.6750 for the opening sessions.
The daily structure was broken last week, leaving bias to the downside longer-term.

Ross J Burland FXStreet

As per the prior analysis, AUD/USD Price Analysis: Bearish bias persists as bears take control at key daily support, where it was stated that AUD/USD showed no sign of correcting on a longer-term time frame basis, threatening a break of key support in the following analysis:

the bears did indeed stay the course.

AUD/USD H1 chart, prior analysis

It was argued that the bears would be looking for an engulfing formation below the pin bar that had tapped the lower quarter of the 0.67 area that has pierced the 50% retracement of the latest bearish impulse on the hourly time frame. This was an area of confluence as per the wicks there and the bias is to the downside below 0.6750 tops:

AUD/USD updates, H1, daily chart

The price sank and has so far respected the resistance on the retests. However, a bullish structure is formed, to a bullish continuation can not be ruled out for the opening sessions:

On the other hand, the daily resistance could be as far as the bulls make it, near 0.6750:

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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