AUD/USD Price Analysis: Bears target break of 0.7450 and eye 0.7430s
- AUD/USD falls as US yields rise and the US dollar recovers ground.
- AUD/USD bears look to 0.7440 and then 0.7420 on the break of 0.7550s.
AUD/USD bears are stepping in on the back of a firmer US dollar, some slight risk-off and rising US yields. This is exposing a critical level of support in the 0.7550s that is vulnerable, exposing the 0.7430s as the next downside target on an hourly basis.
As per the prior session's analysis, it was stated that US yields and a rising US dollar would be a major headwind for the commodity currencies for the ed the week's sessions.
US yields and DXY charts
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AUD/USD technical analysis
As a consequence of the moves in the US dollar and yields, the price of AUD has been pressured also:
The following is what might be expected of a move below the current support structure in the 0.7450s. A break to the 0.7430s would put bulls under pressure defending support territory at 0.7420.
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