AUD/USD Price Analysis: Bears making the case for the 0.73 area medium term

AUD/USD bears taking control and breaking critical monthly support.
A monthly close below the monthly prior lows will be a significant development.

Ross J Burland FXStreet

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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