AUD/USD trend remains bearish below the critical structure.
It seems that the trend remains committed and a test of the daily support structure is set to happen.
0.7005 remains the line in the sand according to the daily chart and the following prior analysis:
The initial drop that has been eclipsed in the above chart represents a buying opportunity if the bears take in their profits.
However, as illustrated in the chart above, we are uncertain if the bulls are about to throw in the towel, so the 4-hour time frame is an appropriate place to monitor for price action and change of environment.
What's Next?
As it stands though, within a bearish environment, (price below 21-moving average, MACD below zero), the price has moved up to test the old support which is the current resistance level.
If this structure holds, then a break of the daily support at 0.7005 consolidates the expectation of further downtrend.
In this scenario, the market would most likely complete a move to 0.6950 ahead of a 38.2% Fibonacci retracement of the monthly bullish impulse around 0.6680.
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