AUD/USD Price Analysis: Bulls and bears battle it out ahead of Fed

A break of 0.6680 will put the bulls firmly in play and in a favorable position ahead of the Federal Reserve later today.
The price is at a cross roads on the daily chart.

Ross J Burland FXStreet

AUD/USD is up some 0.1% at 0.6677 as investors' focus moves to a slew of central bank meetings due this week after days of volatility in markets rocked the antipodeans back and forth between headlines.

This has left the technical picture neutral as the following illustrates:

AUD/USD daily chart

While the price has broken lower and is correcting into resistance, the bullish break of the bear trend counters that bearish bias. Therefore, this could go either way at this juncture. If the price does break the micro bullish trend and out of the ascending triangle, the lows could be a tough nut to crack and a failed break below 0.6550 would be expected to entice the bulls again. A break of 0.6500 will put the bears in control while a break above 0.6800 leaves the bulls in control on the backside of the prior bearish trend.

AUD/USD H4 charts

Meanwhile, the bears are seen in play on the 4-hour chart.

However, we have a solid area of support here and a break of 0.6680 will put the bulls firmly in play and in a favorable position ahead of the Federal Reserve later today.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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