A fast trip to 0.7150 is on the cards on a break of 0.7180
- AUD/USD bears in control and they target the imbalance of price.
- Support at this juncture near 0.7180 is critical in guarding against 0.7150.
AUD/USD has been in the hands of the bears to start the year. The greenback has picked up a strong bid while many markets have been closed.
However, with full volumes coming back into play, the question is whether the ranges can be broken in a continuation of the dominant trends that have formed in some forex pairs. The following illustrates the bearish bias in AUD/USD for the sessions ahead on a break of critical support.
AUD/USD H1 chart
The bears are taking on the support at this important juncture of the bearish impulse. This could lead to a breakout and opens risk towards 0/.7155 in mitigation of the price imbalance between here and there as illustrated above.
This is also illustrated on the following daily chart:
