- AUD/USD bulls look to the 38.2% Fibonacci of the prior bearish leg and then 0.6725 which guards a continuation higher.
- Bears are in the market and eye a move deeper into support.
AUD/USD is under pressure below a key 0.6720 area and the focus is on the downside for the immediate future. The following illustrates the bias and the prospects of a deeper move into support:
The bias is bullish while being on the back side of the prior bearish trend although there is an emphasis on the downside for the meanwhile on the lower time frames:
Zoomed in, we can see that AUD/USD has left an M-formation on the 4-hour chart. Currently, a correction into the neckline would meet a 38.2% Fibonacci of the prior bearish leg. Either way, while below here, the bias is to the downside for a deeper test into the support area. 0.6725 is an upside resistance that guards a continuation higher subsequent of the bullish breakout.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.