Home AUD/USD Price Analysis: Bulls lack upside conviction at daily resistance

AUD/USD Price Analysis: Bulls lack upside conviction at daily resistance

Updated: 13 Apr. 2021 | 01:31

AUD/USD meets critical resistance at a confluence of structure and a 38.2% Fibo.
Bears eye a downside opportunity at this juncture.

AUD/USD is lacking momentum on the upside which makes for a compelling case for the downside at this juncture, as illustrated in the following daily chart:

Daily chart

The price is consolidating with failures at resistance above a key support stricture that guards the next major demand zone.

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