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- AUD/USD Price Analysis: Bulls are holding the fort, eye 0.6720
AUD/USD Price Analysis: Bulls are holding the fort, eye 0.6720
- AUD/USDs W-formation´s neckline could be holding up as support for the day ahead.
- Bulls eye bullish continuation with 0.6720 eyed.
AUD/USD has moved up to challenge the 0.6700 area in a 38.2% Fibonacci retracement of the bearish run in the M-formation, a pattern illustrated in the pre-open market analysis at the end of Friday:
- AUD/USD Price Analysis: Bears will be looking for a premium in the open
It was stated that the 0.6640s and 0.6620s were highlighted as the first support zone and that there could be a correction from this point.
AUDU/SD update
AUD/USD has rallied from the lows and has completed a test of the 38.2% Fibonacci retracement. A continuation would be expected at this juncture for the day ahead.
AUD/USD H1 chart
If we zoom down to the 1-hour charts, we can see the price is forming an inverse head and shoulders and is on the backside of the prior bearish trendline:
The W-formation´s neckline could be holding up as support for the day ahead and we might see a bullish continuation with 0.6720 eyed.
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