- AUD/USD bulls are stepping in at a critical level of monthly support as the last defence.
- Bears will need to show up in strength at the 4-hour resistance.
As per the prior analysis, AUD/USD Price Analysis: Bears need to contemplate monthly support, the price has indeed melted to test the bullish commitments at this very critical area of monthly support.
Prior daily analysis
The price was anticipated to melt to the downside as follows:
''The price has been pressured by the 10-day EMA and would be now expected to continue its southerly trajectory in the form of a fresh bearish daily impulse.''
Prior daily chart and monthly support
The monthly support between 0.7500 and 0.7530 was identified as a potential obstacle to the daily downside continuation.
Live market analysis
As expected, the price from a daily perspective has melted to the downside to test the monthly support.
0.7420 is now the downside target for the bears if the current 4-hour resistance, on a restest, can hold off the monthly demand from the bulls:
Reprinted from FXStreet，the copyright all reserved by the original author.
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