AUD/USD Price Analysis: Bulls accumulating, mark-up could be on the cards
|- AUD/USD is correcting and on the verge of a break of hourly resistance.
- The 15-min chart is showing signs of demand at a critical level.
AUD/USD bulls are attempting to correct the downtrend. The price is stuck below 0.7010 resistance but the lower time frame offers a compelling series of accumulation that could result in a strong move towards the next hourly layer of resistance near 0.7080.
AUD/USD H1 chart
AUD/USD M15 chart
AUD/USD has started to lay a fresh foundation of support on the 15-min chart that could turn out to be crucial for the sessions ahead. If the bulls build from here, then there is a high probability that 0.7030 will be tested in the day ahead. The double bottom lows and respect of the trendline support are encouraging, as is the break of the trendline resistance. The bulls have been accumulating and a mark-up is probable.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.