- Analytics
- News and Tools
- Market News
- AUD/USD Price Analysis: Bears eye the coiled conditions, testing 0.6670 structure
AUD/USD Price Analysis: Bears eye the coiled conditions, testing 0.6670 structure
- AUD/USD 0.6670 structure will be important for the open.
- AUD/USD 0.6580 guards a test of 0.65 the figure.
Risk tolerance dropped at the end of last week with hawkish central banks. Subsequently, AUD/USD, after taking out the channel support, is now eyeing a move towards the Volume Point of Control (VPC) of the late August to mid-October bear cycle as follows:
In the meanwhile, the neckline of AUD/USD M-formation could serve as the resistance of a possible stronger correction in the coming days and that could lead to a downside continuation below the now counter-trendline to target the 0.65s.
AUD/USD H4 chart
On the 4-hour time frame, the descending triangle is a bearish formation that anticipates a downside breakout:
0.6670 structure will be important for the open as it guards a move lower that will lock in the highs and potentially carve the downside bias out for the initial days of trade for this week. 0.6580 guards a test of 0.65 the figure.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
