#AUDUSD @ 0.67174 bulls eye 0.6750 for the opening sessions.
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- AUD/USD bulls eye 0.6750 for the opening sessions.
- The daily structure was broken last week, leaving bias to the downside longer-term.
As per the prior analysis, AUD/USD Price Analysis: Bearish bias persists as bears take control at key daily support, where it was stated that AUD/USD showed no sign of correcting on a longer-term time frame basis, threatening a break of key support in the following analysis:
the bears did indeed stay the course.
It was argued that the bears would be looking for an engulfing formation below the pin bar that had tapped the lower quarter of the 0.67 area that has pierced the 50% retracement of the latest bearish impulse on the hourly time frame. This was an area of confluence as per the wicks there and the bias is to the downside below 0.6750 tops:
The price sank and has so far respected the resistance on the retests. However, a bullish structure is formed, to a bullish continuation can not be ruled out for the opening sessions:
On the other hand, the daily resistance could be as far as the bulls make it, near 0.6750:
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