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- AUD/USD Price Analysis: Bulls move in at a critical juncture
AUD/USD Price Analysis: Bulls move in at a critical juncture
- AUD/USD bulls are stepping in following a firm correction.
- There is a risk of an upside continuation but bears may commit to the neckline of the H4 W-formation's neckline.
As per the analysis at the start of the day, AUD/USD bears are eyeing a correction from lofty US session highs, we have seen a pullback in the pair and it now meets a crossroads as illustrated in the following update:
AUD/USD Prior analysis
The price was meeting a broadening formation extreme and the W-formation on the 4-hour time frame was a compelling feature as well which could see the price revert to test the neckline and 15-min price bar lows if bears stay committed. 0.6890 was eyed in that regard.
In the Asian session, the pair has melted in a correction as follows:
The W-formation's neckline is yet to be met but there are now risks of continuation highs, so bears will need to be cautious at this juncture, as per the following hourly chart:
The price has already made a significant correction and the support is coming in at old structure highs that meet a 50% mean reversion level.
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