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- AUD/USD Price Analysis: A restest of the counter trendline near 0.7250 could be on the cards
AUD/USD Price Analysis: A restest of the counter trendline near 0.7250 could be on the cards
- AUD/USD bears are lurking below the counter trendline.
- The M-formation on the daily chart is compelling as the price stalls around 0.7200.
AUD/USD is stalling with a bullish closing candle on Tuesday that could mark a meanwhile pause to the bearish breakout below the trendline support.
AUD/USD daily chart
The M-formation is a reversion pattern and the price would be expected to revert back to the neckline near 0.7250. If this level were to hold as resistance, then a downside continuation could come as a result:
As illustrated, the neckline area has a confluence with the 38.2% Fibonacci and 50% ratio that adds additional resistance.
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