- AUD/USD bears are looking to break the 0.67 level.
- Meanwhile, the US dollar is stuck in a range, breakout traders are on alert.
The AUD/USD It shows no signs of correction at the moment on a longer-term time frame as illustrated below and threatens a break of key support in the following analysis:
AUD/USD daily chart
AUD/USD H1 Chart
Meanwhile, the bears will look for an engulfing formation below the bar that has touched the lower quarter of the 0.67 zone that has pierced the 50% retracement of the last bearish push on the hourly time frame. This is a confluence zone based on the wicks there and the bias is to the downside below the 0.6750 highs.
However, as the US dollar consolidates, there could be some sideways action until the break of 109.80 or 109.25, depending on the DXY index that measures the dollar against a basket of currencies:
Source: Fx Street
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