AUD/USD Price Analysis: Bulls look to 0.7120 while bears have eyes on 0.70 the figure

Bears have eyes on 0.70 the figure on a break of current support.
There could be a meanwhile correction back to 0.7120 in the meantime.

Ross J Burland FXStreet

As per the prior analysis, AUD/USD Price Analysis: Bulls going against the grain to M-formation neckline target, and AUD/USD depends on the Fed, but bears are waiting in the wings for downside daily extension, the price has deteriorated.

AUD/USD prior analysis

The M-formation was neckline was identified as a bullish target:

The Fed was a potential catalyst for the bearish daily extension:

AUD/USD live market

AUD/USD has met the downside target as illustrated above and would be now expected to hold at this level of support:

The 38.2% Fibonacci is compelling at this juncture near 0.7120. On the other hand, if the bears commit, then a break of support opens risk to test 0.70 the figure in the coming sessions.

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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