AUD/USD Price Analysis: Distribution could be playing out into US CPI critical event AUDUSD Technical Analysis DollarIndex
, higher time frame traders were triggered into the market on the break of the prior week's and month's highs near 0.6890. While some temporary gains were made on a run to 0.6950 highs, in-the-money longs have been squeezed back to 0.6859 over the course of the week as the US Dollar perked up and recovered from the lowest levels since the summer of 2022 as per the DXY index.
The hourly chart shows the price in a coil and in the absence of bearish commitments below the initial balance lows, then the bias is to the upside on a strong close above last month's lows. Liquidity above the equal highs opens prospects of mitigation of the price imbalance between 104.05 and 104.90s.
While below 0.6950, the bias is to the downside for the near term. That is not to say that the price will automatically fall, and again, there is plenty of redon tap that could go either way. However, a break of 0.6870 will open the risk of a move into the 0.6800 figure and the targetted area between 0.6791 and 0.6748.
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