AUD/USD Price Analysis: Consolidation in play, 0.7150 eyed while below 0.7230, daily support is key

AUD/USD bears are looking for a break of the daily support.
Bulls needs a bounce from here and a break of inverse H&S neckline.

Ross J Burland FXStreet

As per the prior analysis, AUD/USD Price Analysis: Inverse H&S in the making from 0.7200 support, AUD/USD is on the verge of either a break to the upside of a run below critical daily support, as follows:

From an hourly perspective, the market is stuck between near term support and resistance as follows:

While below 0.7230, a break of the support line would coincide with the horizontal support as well, so this could be a significant development if it unfolds over the course of the week. In doing so, the 0.7150s will be eyed as the last stop before a hefty sell-off below daily trendline support:

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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