AUD/USD Price Analysis: Bulls are lurking in daily support, 0.6570/50 – FXStreet

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  • AUD/USD is correcting into daily support with eyes on 0.6550.
  • Price remains in bullish territories while on the back side of the bearish trend. 

As per the prior analysis, AUDUSD Price Analysis: Bears eye a breakout to the downside for the opening sessions, the price has indeed moved lower as the following illustrates. 

AUD/USD prior analysis

The hourly M-formation was compelling and argued for a downside continuation having already corrected into the bearish impulse and resistance. The AUDUSD H4 chart looked like this:

AUDUSD update

The four-hour chart shows the price meeting the 50% mean reversion of the following daily chart’s prior bullish impulse: 

The price has been attempting to break higher on the back side of the bear trendline but it has met resistance and is now correcting into daily support with eyes on 0.6550.

This post was originally published on *this site*