- AUD/USD is trading in overstretched conditions when looking to the longer-term charts.
- AUD/USD needs to get below the daily support structure for bearish prospects back to test 0.7000.
In a top-down analysis, we can see that the price is entering a supply zone but holding way above prior weekly support structure.
However, daily support is providing plenty of support, but there could be a carrot for the bears below a counter trendline if price can muster another close below it.
Monthly chart
Weekly chart
Daily chart
At first glance, the support looks solid, however, on a break of what would be a counter trendline, bears could be in with a chance to take out the support.
Reprinted from fxstreet, the copyrights all reserved by the original author.
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