AUD/USD Price Analysis: Distribution and spring set, or bullish continuation? AUDUSD Technical Analysis
event for a three-day set-up that had the downside-eyed should the bears crack the critical 0.68070 support structure and DXY move through key 103.00 and on to test the 103.50 equal highs. It was stated that a move higher in the greenback would cement the bearish themes for a run towards 0.6750:
Looking at the AUD/USD schematic, while there is scope for a test of 0.7000, a valid case for the downside can also be made given the net length in the market vs.shorts. A pairing back of in-the-money-longs could be envisaged resulting in a retest to the trendline support as follows:The trapped higher time frame breakout traders would be squeezed, forced to cut positions and adding to a fast capitulation of the bulls and leading to a downside breakout below 0.6870 key structure.
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