AUD/USD Price Analysis: Bears eye a break of key support structures AUDUSD Technical Analysis
A break of 0.6670s and then the 0.6650s opens risk to the 0.6620s as the last defense for a significant run lower.
domestically and abroad and US-China tensions. However, AUD/USD is poised bearish on the chart as the following technical top-down analysis illustrates: , that AUD/USD had pulled back into the neckline of the M-formation in a 50% mean reversion of the hourly impulse. This area was anticipated to act as resistance ´´and lead to an eventual break of the trendline support and then 0.6650.´´This particular analysis played out as illustrated above.
Cleaning up the chart even more so, we can see the break of the support structure, pull back into a 61.8% resistance area, and restest of the counter trendline. A premium has been given to the bears looking to get in on the break of structure who are targeting a significant downside breakout of the geometrical pattern towards 0.6500:Meanwhile, there are a number of key levels and market structures as illustrated on the 4-hour chart. 0.
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