AUD/USD Price Analysis: Eyes are on critical daily dynamic support

• AUD/USD bears eye a 50% mean reversion in the lower quarter of the 0.6700s.
• A break of the supporting trendline and subsequent test of  0.6640/50 could be a significant bearish development.

As per the prior analysis, AUD/USD Price Analysis: Bulls eye 0.6850 while bears look to 0.6650, AUD/USD remains within familiar ranges, struggling to get beyond 0.6800 as the following illustrates: 

AUD/USD prior analysis

The price has reached through the resistance area but has subsequently moved in on the length taking on the midpoint of the prior bullish impulse as follows: 

AUD/USD H4 chart update

The engulfment came in a strong move to the downside that leaves the bias bearish for the opening sessions at the start of the week with the dynamic trendline support eyed. 

AUD/USD daily chart

On the daily time frame, support is expected in the 50% mean reversion area and lower quarter of the 0.6700s. Should the supporting trendline be broken, a move below 0.6640/50 could be a significant bearish development ahead of the critical remaining calendar events for the year.