AUD/USD The bears have taken charge and have broken through important monthly support.
A monthly closure below the previous month’s lows will be important.
As previously said, AUD/USD Price Analysis: Bears should think about monthly support; the price originally followed the monthly demand area before bears regained control at important 4-hour resistance.
Prior research and a daily graph
With three hours to go, the monthly support area has effectively given way, and the price is on track to fall below the previous monthly low of 0.7531:
While there is a chance of a continuation to the downside on a daily basis, the monthly resistance is likely to be retested:
Longing possibilities may exist ahead, but bears will be looking for a shorting opportunity at monthly resistance for a longer-term trade to the downside to put pressure on bullish commitments around the 0.73 range./n
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