• AUD/USD bears have engaged once again.
• The bearish pennant is still in play for the days ahead.

AUD/USD bearish pennant is a compelling feature on the daily time frames and failures below 0.6720 keep the bearish bias in place as the following will illustrate.

AUD/USD daily chart

The price has taken on the premature´s bearish bets and hit stops near 0.6770/90. This leaves prospects of a downside continuation for the days ahead. The bears need to get below 0.6650 to open the doors to below 0.6600 and 0.6500.

AUD/USD H1 chart

AUD/USD has pulled back into the neckline of the M-formation in a 50% mean reversion of the hourly impulse. This area may act as resistance and lead to an eventual break of the trendline support and then 0.6650.