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- AUD/USD Price Analysis: Bulls move to the sideline to let the correction play out
AUD/USD Price Analysis: Bulls move to the sideline to let the correction play out
- AUD/USD is correcting a sharp bullish daily rally.
- The bulls will be looking for a discount in the coming sessions.
AUD/USD is stalling on the bid, for the moment, and forming a bearish structure on the lower time frames which would be expected to equate to an extension of the correction. However, the daily chart offers a bullish outlook and bulls would be expected to engage again in the coming days.
AUD/USD H1 chart
AUD/USD has failed to move higher as dip-buying ran out of steam in London, breaking below the 21 EMA and the focus has flipped back to the downside. The dynamic support meets the prior resistance area near 0.7130.
However, the bulls have taken charge as seen on the daily chart which is now correcting towards a 38.2% Fibonacci retracement level near 0.7110.
Given the strength of the rally, the correction would be texted to stall in the coming days and lead to a continuation to the upside.
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