- AUD/USD is trading in overstretched conditions when looking to the longer-term charts.
- AUD/USD needs to get below the daily support structure for bearish prospects back to test 0.7000.
In a top-down analysis, we can see that the price is entering a supply zone but holding way above prior weekly support structure.
However, daily support is providing plenty of support, but there could be a carrot for the bears below a counter trendline if price can muster another close below it.
Monthly chart
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Weekly chart
-637340008519894109.png)
Daily chart
-637340008789131160.png)
At first glance, the support looks solid, however, on a break of what would be a counter trendline, bears could be in with a chance to take out the support.
-637340014316781343.png)
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