AUD/USD Price Analysis: Bears move in to test bull's commitments at the trenline – by fx_ross AUDUSD Technical Analysis
The bears eye the W-formation's neckline and a break of the trendline.
The bears could move in during Tokyo as the price meets 0.6850 but there is still room to go on the upside as well. However, the W-formation is a reversion pattern and if the price were to move into the neckline, that could be a significant development as the trend would come undone as per the break of the trendline support. For the immediate future, the price has an area of imbalance near 0.6835 that could be mitigated in the coming hours on the 15-min chart.
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