AUD/USD Price Analysis: Bears eye a run to test 0.74 the figure

• AUD/USD bears are moving on as commodity prices fade. 
• The bears will be looking for a move to test the 0.74 figure for the days ahead. 

AUD/USD is stalling on the daily advance and the Net AUD short positions failed to hold all of the previous week’s moves according to the latest CFTC positioning data, However, net shorts are still lower than last month’s levels. Soaring commodity prices have been offering the AUD support vs. the USD in the spot market but these too are falling as per the Thomson Reuters CRB index. 

The following illustrates the prospects of a meanwhile correction on the AUD/USD daily chart:

AUD/USD daily chart

As illustrated, the price is stalling on the bid and is yet to move in to mitigate that imbalance from the bullish rally on the daily chart. The bears will be looking for a move to test at least 38.% Fibonacci retracement area that correlated with the prior resistance at the start of March near 0.74 the figure.