AUD/USD Price Analysis: Bears move in on key 0.6905 support structure
- While below 0.6950, the bias is to the downside for AUD/USD in the near term.
- A break of 0.6905 on an hourly closing basis could be significant in this regard.
AUD/USD is under pressure in Asia and is taking on a key structure as shown by the technical analysts below. First, taking a quick glance at the AUD/USD 4-hour chart, there are now breakout traders in the market and their stops are within range as the following analysis will illustrate.
The bullish impulse has left a voice of orders that have created a price imbalance. Combining the phenomenon of mitigation of such an imbalance with the prospects of there being stop-loss orders in the same vicinity makes for a compelling case for the downside for the sessions ahead. Bears will have their eyes on 0.6885 prior resistance and will be keen to get below here to trap bulls and potentially initiate a fast slide to test 5the trendline support.
AUD/USD weekly chart
Meanwhile, taking a looking at the bigger picture, the following shows that there is indeed a downside bias given the area of resistance that is being tapped currently.
AUD/USD daily chart
That is not to say that the bullish phase…
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