AUD/USD Price Analysis: On the verge of a bearish breakout?

• AUD/USD has been in the hands of the bears to start the week. 
• Bulls are focused on a retest of the prior hourly lows for the day ahead. 

AUD/USD is meeting a critical area of support at the start of this week following a significant test of a 61.8% golden ratio on the daily chart. This leaves the focus on the downside, from a swing trading perspective, although there could be opportunities on the nearer term charts to the upside in development. 

The following illustrates the market structure on both the daily and hourly time frames from which traders can assess with regards to planning their next trade in AUD/USD. 

AUD/USD daily chart

On the daily chart, the bears are testing both the daily 61.8% ratio that meets horizontal resistance as well as the dynamic trendline resistance. If resistance holds up here, then the focus will be on the downside for a test of the next support area near the 0.7170s ahead of 0.7105 prior daily swing lows. 

AUD/USD H1 chart

From an hourly perspective, however, the price is yet to break the support and there is, therefore, a focus on the upside towards the prior lows and a 38.2% Fibonacci retracement area: 

The 38.2% confluence area comes in at around 0.7250 which will be a focus for the sessions ahead if support holds.