AUD/USD Price Analysis: Bears eye a break below key 0.6750
- AUD/USD bears are ready to pounce on rallies and eye a break of 0.6750.
- Bulls need to get above 0.6850 to break the bearish bias.
Ahead of next week’s FOMC meeting, US stocks retreated, and this took the Aussie for a ride to the downside as well a the US dollar scrambled higher across the board.
The following illustrates the market structure and the prospect of a downside continuation:
AUD/USD daily chart analysis
The market has been giving two-way business and what we might see now is a downside continuation as follows:
AUD/USD H4 chart
The bears are lurking to fade rallies in the internal and external target areas. A downside target of 0.6750 is eyed that guards low-hanging fruit, LHF, below.