AUD/USD Price Analysis: Bulls taking profits at critical resistance

• AUD/USD bulls are tiring at resistance on the longer-term charts. 
• Bulls are monitoring price action from support for the next bullish opportunity. 

AUD/USD is meeting a key resistance area and starting to revert towards a support zone that could provide a trading opportunity.

The following is a top-down analysis that illustrates the price action and market structure across multiple time frames and where bulls will be looking to engage again. 

Monthly chart

The monthly chart offers a bearish bias below the current support structure.

However, there is plenty of room for meanwhile opportunities between there and lower time frame market structures, as follows:

Weekly chart

From a weekly perspective, the price is struggling to convince on the bid at resistance.

Daily chart

The daily chart shows that the 38.2% Fibonacci retracement target has a confluence with the mid-October highs which would be expected to act as a support.

4-hour chart

The bullish conditions are less convincing and the price is reverting towards the support area from where bulls will be monitoring for bullish structure and a longing opportunity.

If the price does indeed stall at support and commence a bullish trajectory again, this would be expected to be the next bullish impulse to target higher highs.