AUD/USD Price Analysis: Bulls have thrown in the towel

• AUD/USD bears are moving in with a focus on 0.6720. 
• A break of 0.6720 opens the risk to 0.6680. 

AUD/USD is flat in Tokyo after moving between a low of 0.6735 and a high of 0.6745 after a move lower in the greenback that enabled the high beta currencies to rally. However, technically, the market is turning bearish again while below 0.6750 within the recent ranges as the following will illustrate:

AUD/USD daily chart

AUD/USD has been reaching 0.6750 as it grinds along the bullish trendline support on top of the 0.6680-0.6700 structure. 

AUD/USD H4 charts

Zooming down to the 4-hour chart and into the current price action, we can see a W-formation in play that is pulling the price back towards the neckline. 0.6720 will be key in this regard. A break of support could see the price dig into the trendline and if that were to give, the focus will be on a move below 0.6700 and eyes on 0.6680.