AUD/USD Price Analysis: Bulls eye a break of 0.72 the figure
|- AUD/USD bulls are in control as pull away into critical resistance.
- A break of 0.7200 will be a significant technical development.
The bulls have started to crack a significant amount of the critical supply area on the daily chart, ploughing through heavy volumes between 0.7180/90 area with eyes on 0.72 the figure:
AUD/USD daily chart
The bulls are firmly rooted in the critical resistance area following Wednesday's strong advance. A push beyond 0.72 the figure with a daily close could spell disaster for trapped bears.
However, the W-formation could hamstring the bulls and the 38.2% ratio is compelling as it currently meets with the neckline of the formation.
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