- AUD/USD is ripening for a downside extension.
- The bears are pressuring the price below critical daily resistance.
As per the prior analysis, AUD/USD Price Analysis: Bears stay in control and target a weekly support area, the price has been inching in on the weekly support area and there could be more to come before the week is out. The following illustrates the downside potential while the price remains below 0.7480:
AUD/USD prior analysis, weekly chart
AUD/USD daily chart, prior analysis
AUD/USD, live market
The price is being resisted which could lead to a downside continuation for the days ahead and complete the bearish weekly candle trajectory into the weekly support one around 0.7360. The next catalyst is the Aussie Employment report and if there is a disappointment, AUD would be expected to slide.
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