AUD/USD Price Analysis: Bears take charge, carving out the path to a new daily low

  • AUD/USD bears are coming back to the table. 
  • The outlook is bearish below 0.6980 and a fresh daily low could be in the making.

As per the prior analysis, AUD/USD Price Analysis: Bulls rest up at 50% mean reversion target, the price has started to melt from the resistance of the 50% mean reversion area on the daily chart. There are now prospects of a downside continuation for the days ahead. 

AUD/USD daily chart, prior analysis

AUD/USD live market

The price is being met by sellers at the resistance zone and should the bears commit beyond the 0.6950s, the case for a downside continuation of the broader bear trend will be strong. 

AUD/USD H4 chart

From a four-hour perspective, the price has moved in on what could be a support zone, resulting in a reversion to retest the old support near 0.6990. If bears commit to there, then the path of least resistance will likely be to the downside for a fresh daily low towards 0.6750/70.

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