AUD/USD Price Analysis: Bulls eye a run to test key daily structure

• AUD/USD bulls are aiming for a test of key daily resistance.
• Bears eye a move below monthly support for a longer-term downtrend to develop.

AUD/USD is up high in the broadening range on the monthly chart which leaves the bias to the downside, longer term. However, in the meanwhile, there are prospects of a move lower as the following analysis will show.

AUD/USD monthly chart

Bears need to get below the monthly support and until they do, the upside is favourable. 

AUD/USD hourly chart

China's PMIs came in for the rescue following some very disappointing in local data just beforehand that sent the pair rolling towards the abyss and out of control of the bulls. 

AUD/USD daily chart

While the price moved higher, however, there is little room until the next major hurdle as being the daily trendline resistance as illustrated in the above chart. The W-formation is a reversion pattern that could also hamstring the price if it tries to go much further from the origin of the neckline in the pattern. A test and rejection at resistance will leave the downside bias in play thereafter and on a break of the neckline.