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- AUD/USD Price Analysis: Bears need to stay on guard below trendline resistance
AUD/USD Price Analysis: Bears need to stay on guard below trendline resistance
- AUD/USD bears remain in control while on the front side of the trendline.
- The bulls need to get over a 61.8% ratio.
AUD/USD bears remain in control with the market still unable to get over the line, submerged below the dynamic trendline resistance. The price is currently trying to firm up in an area of support, but the bias remains bearish as the following illustrates:
AUD/USD bearish bias
Should the bears firm up on a correction, on the front side of the bearish trendline, then there would be prospects of a break of support and a continuation towards 0.6570 in the near term.
AUD/USD bullish scenario
Should the bulls finally get back some control, a break of the trendline resistance will be needed. A move into the 50% mean reversion area would be a good start from where a test into the 61.8% ratio could see the bulls over the line.
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