AUD/USD Price Analysis: Price being monitored for a break of support structure
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- AUD/USD bears sit patiently awaiting a break and re-test of old support.
- Bulls need to get above 07200 but resistance is strong.
AUD/USD is holding above a key support and the 4-hour 21 moving average which leaves conditions bullish.
However, on a longer-term outlook, there are good reasons where there is a focus on the downside, including the feasible direction in the US dollar as explained in this link just below:
Meanwhile, in the following topdown analysis, these are illustrated on the monthly and daily charts:
Monthly chart
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The monthly wick is compelling and may at least coincide with dollar strength.
Weekly chart
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The daily chart is offering prospects of a downside extension to fill in the monthly wick.
4-hour chart
The bears are looking for the current resistance to hold and lead to a retest of the current support that will turn new resistance.
The price will then be below structure and the 21-moving average for additional conviction.
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