- AUD / USD bulls are intervening at a critical monthly support level as a last defense.
- The bears will need to show their strength at the 4-hour resistance.
Based on the analysis above, AUD / USD Price Analysis: Bears Should Watch Monthly Support, the price has melted to test bullish commitments in this very critical area of ​​monthly support.
Monthly chart and significant support
Previous daily analysis
The price was anticipated to melt lower as follows:
“The price has been pressured by the 10-day EMA and is now expected to continue its southward trajectory in the form of a new daily bearish momentum.”
Previous daily chart and monthly support
Monthly support between 0.7500 and 0.7530 was identified as a potential obstacle to the daily continuation to the downside.
Live market analysis
As expected, the price from a daily perspective has melted lower to test the monthly support.
0.7420 is now the downside target for the bears if the current 4-hour resistance, on a retest, can contain the monthly demand from the bulls:
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