AUD/USD setting up to test bulls comitment

FXStreet (Guatemala) - AUD/USD is trading at 0.9240, up 0.11% on the day, having posted a daily high at 0.9252 and low at 0.9230.

AUD/USD is looking constructive for a break lower according to the The Market Strategy Team at UOB Group who expect a break below the immediate support at 0.9203 towards 0.9133. "While AUD is holding above the immediate support at 0.9203, weak momentum suggests that a break below this level is likely this week. Overall, the outlook is bearish for a move towards the 0.9133 target and only an unlikely move back above 0.9310 would invalidate the bearish view."

AUD/USD Levels

Spot is presently trading at 0.9241, and next resistance can be seen at 0.9251 (Daily Classic R1), 0.9252 (Daily High), 0.9252 (Yesterday's High), 0.9270 (Daily Classic R2) and 0.9272 (Weekly Classic PP). Support below can be found at 0.9239 (Hourly 20 EMA), 0.9238 (Hourly 100 SMA), 0.9232 (Daily Classic PP), 0.9231 (Daily Open) and 0.9230 (Daily Low).

AUD/USD chart formations

Regarding candlestick formations, we can see Doji formation on the 4-hour.