- AUD/USD bears taking control and breaking critical monthly support.
- A monthly close below the monthly prior lows will be a significant development.
As per the prior analysis, AUD/USD Price Analysis: Bears need to contemplate monthly support, the price was initially respecting the monthly demand area before bears took back control at critical 4-hour resistance.
Prior analysis, daily chart
The monthly support area has well and truly given out and the price, with three hours to go, is on track to close below the prior monthly low of 0.7531:
Live monthly & daily charts
From a daily perspective, while there are prospects of a continuation to the downside, the monthly resistance would be expected to be retested:
There could be longing opportunities ahead, but bears will be lurking at monthly resistance for a shorting opportunity for a longer-term trade to the downside to pressure bullish commitments on the 0.73 area.
This article was originally published by Fxstreet.com. Read the original article here.
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