AUD/USD Price Analysis: Bears in control and testing bull's commitments at daily support

• AUD/USD has failed to break and hold territory to the upside and is under pressure.
• AUD/USD bears are seeking a break from daily support.

AUD/USD suffered another down day on Thursday and is set to break to fresh lows below the 0.7450s. As per the prior longer-term analysis, AUD/USD Price Analysis: Bulls coming up for their last breath?, while the October highs were broken, they have not been ''well and truly cleared''.

AUD/USD monthly chart

Therefore, the Monthly W-formation, a reversion pattern, remains in the picture.

This analysis is based on the need for the mitigation of the imbalance of price since the bullish impulse over the past couple of months. The neckline of the 'W' has a confluence with the 50% mean reversion level near 0.7315. 

AUD/USD daily chart

From a daily perspective, the price is heavy following the start of the week's strong rejection from the daily highs, followed by a bearish engulfing candle and subsequent follow-through on Thursday: