AUD/USD is in the hands of the bears as it starts to correct the monthly bullish impulse. The price has been rejected by the daily M-formation’s neckline and resistance. AUD/USD is melting to the downside across the time frames in what is expected to be a 50% mean reversion of the monthly bullish impulse. The following illustrates the downside in motion across the monthly, weekly and daily charts. The 4-hour chart is well entrenched in bearish territory having been rejected at the daily M-formation’s neckline. Monthly chart The market has topped mid-month. A downside continuation would be expected to make its way to the prior resistance in a 50% mean reversion. Weekly chart The price is correcting and is on course towards the prior resistance structure that now would be expected to act as support and slow down the bearish momentum. Daily chart The price has been rejected at the M-formation’s resistance. 4-hour chart With the price well entrenched in bearish territory according to the indicators, the market would be expected to continue to melt in accordance with the long-term bearish corrective bias. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Forex Today: Dollar not out of the woods yet FX Street 2 years AUD/USD is in the hands of the bears as it starts to correct the monthly bullish impulse. The price has been rejected by the daily M-formation's neckline and resistance. AUD/USD is melting to the downside across the time frames in what is expected to be a 50% mean reversion of the monthly bullish impulse. The following illustrates the downside in motion across the monthly, weekly and daily charts. The 4-hour chart is well entrenched in bearish territory having been rejected at the daily M-formation's neckline. Monthly chart The market has topped mid-month. A downside continuation would be expected to make its… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
