- 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.