- AUD/USD is correcting towards daily support with an eye on 0.6550.
- The price remains in bullish territories while on the trailing side of the downtrend.
Based on the above analysis, AUDUSD Price Analysis: Bears Have Eyes on a Rupdownturn for the opening of the sessionsthe price has effectively moved lower as the following illustrates.
AUD/USD Previous Analysis
The hourly M formation was compelling and called for a continuation lower having already corrected in bearish momentum and resistance. The AUDUSD H4 chart looked like this:
AUDUSD Update
The four hour chart shows the price completing the 50% MA reversal of the previous bullish momentum on the daily chart:
Price has attempted to break higher on the trailing side of the downtrend line, but has found resistance and is now correcting at daily support with eyes on 0.6550.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
