- AUD / USD is trading under overloaded conditions when looking at longer term charts.
- AUD / USD needs to descend below the daily support structure for the bearish outlook to revert to testing 0.7000.
In a top-down analysis, we can see that the price is entering a supply zone but is holding well above the previous weekly support structure.
However, daily support provides a lot of support but there could be a carrot for bears below a counter trendline if price can find another close below.
At first glance, support looks solid, however, if there is a break from what would be a countertrend line, bears could have a chance to remove support.