AUD/USD Price Analysis: Bulls keeping on, but bears lurking

  • AUD/USD is meeting a firm support area following the RBA minutes. 
  • Bears lurking near a presumed resistance area through 0.74 the figure. 

AUD/USD is meeting a dynamic trendline support line and the bulls are eyeing a 38.2% Fibonacci retracement and a higher 50% mean reversion towards 0.7420. 

AUD/USD daily chart

As illustrated, there is a heavily bearish cycle but there has been bid that could equate to a leg higher. 

AUD/USD H1 chart

For the price to continue correcting, we have immediate resistance that will need to be cleared, however, the W-formation would be expected to hamstring the price at this juncture.

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