AUD/USD Price Analysis: Bears lurking in resistance, eyes on 0.6550s AUDUSD Technical Analysis
As per the prior, the bulls have indeed started to correct from the fresh lows, but still, the bearish bias persists as the following will illustrate.The M-formation on the daily chart was expected to act as the peak formation in a correction and lead to a move lower to break the structure on the downside. The four-hour chart´s 50% mean reversion level near 0.6710 aligned with the neckline of the pattern that could continue to act as resistance.
There were long positions from below 0.6590 and 0.6560 that were expected to see the market move into and further out:If the bulls stepped in, then there were prospects of a correction into prior support near the 38.2% Fibonacci. The 50% mean reversion aligned with the round 0.6650 number also. The price has run into the 38.2% Fibonacci so bears can be monitoring for bearish structure to lean against for the a position that will ride the possible downside extension for the days ahead.
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