AUD/USD Price Analysis: Bulls run into a wall of resistance, bears eye downside breakout AUDUSD Technical Analysis
eserve would raise interest rates further. The Aussie was also weighed by poor China data. This leaves the technical outlook in question as the price remains on the front side of the bearish trend as the following will illustrate. The price is trying to correct within a broadly bearish environment. So far, 0.6500 is holding as resistance.The bears could be interested at this juncture given the premium they will collect in selling higher while in the front side of the bearish market.
The W-formation is a compelling feature on the hourly chart. This is a reversion pattern and the price would be expected to come back into the neckline in due course. This area could act as a support and lead to an onward bullish impulse to retest recent highs and resistance. However, a break of the neckline and then the lows will likely lead to a downward continuation in line with the bearish trend.
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