- 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.
AUD/USD prior analysis
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.
AUD/USD H4 and H1 live charts
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.
AUD/USD daily chart
On the daily outlook, the price could be coiling for a bearish extension for the days ahead.