- AUDUSD bears are on the lookout for a key resistance zone.
- The US dollar shows signs of accumulation on the lower time frames.
Based on Pre-Open Week Analysis: AUDUSD Price Analysis: A slowdown opens up the risk of a rupturetour at 0.6650 and belowthe price continues to slow down on Monday.
So far, AUDUSD has stayed in a 0.6663/0.6716 range and is sideways on the day so far:
AUDUSD H1 Chart
Bears are pressing below 0.6750 and 0.6700 is under pressure. A break of 0.6650/40 opens the risk of a major bearish correction.
AUDUSD daily chart
On the daily chart, the W formation is important for the coming week. This is a reversal pattern whereby the price is expected to move towards the neck of the formation in due course. The Fibonacci scale has the ratio of 61.8% aligned with the neckline on the way down, with the first target being the 38.2% Fibonacci level below 0.66.
The path will depend on the dollar, which is currently showing all signs of accumulation on the hourly chart:
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.
