#AUDUSD @ 0.67971 bears eye a 50% mean reversion in the lower quarter of the 0.6700s.
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- AUD/USD bears eye a 50% mean reversion in the lower quarter of the 0.6700s.
- A break of the supporting trendline and subsequent test of 0.6640/50 could be a significant bearish development.
As per the prior analysis, AUD/USD Price Analysis: Bulls eye 0.6850 while bears look to 0.6650, AUD/USD remains within familiar ranges, struggling to get beyond 0.6800 as the following illustrates:
The price has reached through the resistance area but has subsequently moved in on the length taking on the midpoint of the prior bullish impulse as follows:
The engulfment came in a strong move to the downside that leaves the bias bearish for the opening sessions at the start of the week with the dynamic trendline support eyed.
On the daily time frame, support is expected in the 50% mean reversion area and lower quarter of the 0.6700s. Should the supporting trendline be broken, a move below 0.6640/50 could be a significant bearish development ahead of the critical remaining calendar events for the year.
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