#AUDUSD @ 0.67402 bulls have thrown in the towel following key correction.
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- AUD/USD bulls have thrown in the towel following key correction.
- The bears are moving in, but we have key resistance and support to consider prior to the next potential bearish extension.
AUD/USD As per the prior analysis, AUD/USD Price Analysis: Bears move in at key support ahead of GDP data, AUD/USD that was projected to correct to the upside has reached a key resistance area on the hourly and 4-hour charts, leaving prospects to the downside once again.
It was explained that there was a bias to the upside, noting that there was resistance around 0.6735 with eyes on the 0.6775 area around the Wall Street opening highs above there.
The price has since been resisted in the targetted area and is under pressure again. The hourly M-formation’s neckline near 0.6750 could be revisited in the immediate sessions ahead.
On the 4-hour chart, however, the W-formation’s neckline aligns with a 50% mean reversion area near 6736. This guards the risk of a move below the lows of 0.6698.
On the daily outlook, the price could be coiling for a bearish extension for the days ahead.
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