AUD/USD Price Analysis: Bulls need to get over the key resistance line

AUD/USD bulls eye a stronger correction into the M-formation's neckline.
Bears look to cap bulls in shallow grounds.

Ross J Burland FXStreet

AUD/UUS is rising on the back of the weaker US Dollar and ahead of domestic inflation data that will be eyed in terms of the currency's current northerly trajectory as a potential catalyst. The following illustrates the technical outlook on the daily and 4-hour charts.

AUD/USD daily chart

AUD/USD's daily M-formation offers prospects of a move towards the neckline in the coming days. A 50% mean reversion meets the area around 0.6730 while the 61.8% Fibo comes in at the 0.6750 level.

AUD/USD H4 chart

There is a large imbalance on the way towards the targets on the 4-hour chart but bulls will need to get over the trendline resistance first. The bears are capping the attempts at a 50% mean reversion of the last bearish 4-hour impulse's range.

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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