AUD/USD Price Analysis: Bears testing bullish commitments at critical support

AUD/USD under pressure due to US warnings of a Russian invasion.
Bears testing critical support structure and eys on the hourly supportive trendline.

Ross J Burland FXStreet

AUD/USD ended Friday on the backfoot following news that the US warned its citizens to leave Ukraine within 48 hours due to Russian invasion risks. Oil prices, equities and risk aversion have been the driving force behind the sell-off in the Aussie while the inflationary supply shocks keep coming. AUD/USD ended lower by 0.50% as well to 0.7130, with its bullish campaign potentially coming to a swift end at this juncture.

AUD/USD prior analysis

AUD/USD live market

Eyes are on a break below the 61.8% Fibonacci retracement level. Meanwhile, the 1-hour chart will be eyed for the potential of a knee-jerk relief rally to start the week:

However, the risks remain high and this should leave the Aussie vulnerable for further downside with eyes on the trendline resistance as illustrated above.

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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