- AUD/USD is on the front side of the bear trend, potentially leading to a bearish start to the week.
- AUD/USD bears lurking below the Fibo scale.
As per the prior analysis, AUD/USD Price Analysis: Bears in the market, chipping away into key support, where the focus was on the downside, we have indeed seen a deeper move into support.
AUD/USD prior support
There is an emphasis on the downside for the meanwhile on the lower time frames:
Zoomed in, we could see that AUD/USD had left an M-formation on the 4-hour chart. A correction into the neckline would meet a 38.2% Fibonacci of the prior bearish leg.
Either way, below there, the bias was 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.
The price action followed the forecasted trajectory as illustrated above.
With the recent break of the structure of 0.6650, there is a bias to the downside still while on the front side of the bear trendline.