Bears are in control testing bull’s commitments at last week’s lows

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Bears are in control testing bull's commitments at last week's lows


  • AUD/USD bears are in the market controlling while on the front side of the bear trend.
  • Last week’s lows are being tested that guard a run to test 0.6750/00.

AUD/USD ended mid-week with the second day of shorts in the market since the price was rejected at last Thursday’s highs on Monday’s initial balance highs. 

AUD/USD daily and H4 charts

We are breaking last week’s lows and while being on the front side of the bearish trend, there are prospects of a continuation of a third day of shorts. However, it might be a question of a correction first of all with 0.6850 eyed as resistance:

0.6750 is eyed while last month’s lows are a downside target on the way to a test of 0.6700 but if we see failures below last week’s lows and a firm bullish close above there, then longs will be in the market and the short positions vulnerable for a squeeze whereby 0.6920 will be closely eyed for a restest of bear’s commitments. 

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