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- AUD/USD Price Analysis: Bears moving in on critical H4 support structure
AUD/USD Price Analysis: Bears moving in on critical H4 support structure
- AUD/USD bulls seeking a break towards 0.7350 with daily resistance eyed.
- H4 support is critical within the M-formation structure.
As per last week's pre-open analysis, AUD/USD Price Analysis: Bulls move into a critical area on H4 charts, eye a run to the 0.7250/60ss, where it was explained that the price was in ''pursuit of the price imbalance between recent highs and the May 4 highs at 0.7266,'' the bulls indeed met the target.
AUD/USD prior analysis
AUD/USD live market
The price has mitigated that imbalance as projected and is now forming an M-formation on the 4-hour time frame. For the open, the focus is between the neckline near 0.7250 and support neat 0.7180. A break below there will be bearish and will open prospects of a run to 0.7150. A break of resistance, on the other hand, will reveal the 0.7350s as the next key resistance area as per the daily chart:
The volume profile is illiquid between resistance and 0.7350.
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