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- AUD/USD Price Analysis: Easter Monday consolidation before downside continuation to test 0.7300
AUD/USD Price Analysis: Easter Monday consolidation before downside continuation to test 0.7300
- AUD/USD bears are in control and eye a break 0.73 the figure.
- The price would be expected to take on 0.7350s in the final period of consolidation.
AUD/USD is is a significantly strong downtrend and there is likely more to come from the bears in due course. However, given it is Easter Monday, there perhaps will not be much in the way of price action in the absence of a catalyst. Nevertheless, after a period of consolidation, the path of the least resistance is on the way for a test 0.73 the figure and potentially even lower in order to mitigate an imbalance of price left behind following the mid-March rally.
AUD/USD daily chart (i)
AUD/USD H1 chart
Bears will be looking for the price to sink into this area of support and slowly but surely burn its way through to 0.7350.
AUD/USD daily chart (ii)
In doing so, it sill clear the way for a test of the dynamic support for a breakout to test 0.73 the figure and lower with the 0.7280s eyed.
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