AUD/USD Price Analysis: Bears stay on top, eye break below 0.6650
- AUD/USD bears breaking 4-hour supporting trendline.
- 0.6650 and then 0.6580 will be key milestones to leave the bears fully in control with 0.6550 and 0.6500 eyed.
Protests against China's strict zero-COVID policy and restrictions on freedoms in the nation have led to a risk-off start to the week, weighing head8ily on the Aussie as the following technical analysis will show. AUD/USD is currently down some 1.13% having lost its footing from a high of 0.6727 to a low of 0.6665 on the day so far.
AUD/USD daily chart
The price is testing a meanwhile trendline support on the daily chart, with resistance in a double top at the daily structure, as shown on the chart above. The bias is on the downside as follows:
AUD/USD H4 chart
The 4-hour time frame sees the price testing below the trendline and after a correction into the Fibonacci scale, the bears have moved back in. This puts the focus on the recent lows of 0.6665. However, it will not be until the price break below 0.6650 and then 0.6580 that the bears will be in fully control with 0.6550 and 0.6500 eyed.