AUD/USD Price Analysis: Bears are lurking on the backside of a key micro trendline

• AUD/USD broke a key technical micro trendline.
• While on the backside of that trend, the bias is to the downside on a break of 0.6350. 

AUD/USD is below the dominant trendline but longs are in the market as per the past prior days of trade and inside bars of the Wednesday bullish candle and breakout. The following illustrates prospects, however, of a correction into those longs across the daily, 4-hour and hourly timeframes. 

AUD/USD daily chart

The price broke out of the micro trend and made a subsequent rally into the resistance of the more dominant bearish trendline. We have seen a correction into support.

AUD/USD H4 chart

This support could be significant and result in a retest higher into shorts that sold the break of the micro bullish trend that would now be expected to act as a counter trendline. 

AUD/USD H1 chart

The support is made up of September lows, last Friday’s lows and prior resistance such as the prior week’s high. Last week’s high, however, is where the bulls need to be. At this juncture, while on the backside of the trend, the bias is to the downside on a break of 0.6350.