AUD/USD Price Analysis: Case building for further downside in days to come

AUD/USD bulls are moving in on the counter-trendline.
Bears are looking for a downside extension.

Ross J Burland FXStreet

AUD/USD is in consolidation following a strong correction into the daily counter-trendline. This is an area of confluence which could act as an area of strong resistance, leading to a downside extension in the days ahead.

AUD/USD prior analysis

''The price is in need of a correction and the 38.2% Fibonacci is the first target that guards a slight confluence of prior lows and a 50% mean reversion.

From an hourly perspective, this can be taken advantage of and bulls will be looking for a bullish structure to form in the coming sessions:''

AUD/USD live market update

The price has rallied to test the counter trendline in a 61.85 Fibonacci retracement which would be expected to act as firm resistance on subsequent restest. A downside extension would be expected for the days ahead.

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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