AUD/USD Price Analysis: Bulls could be on the verge of taking over
|- AUD/USD bulls have been moving in from July lows.
- A bullish bias targets the way towards 0.7000.
AUD/USD, from a bullish perspective, could be on the verge of a considerable move higher towards prior session highs around 0.6905/20 in the first instance ahead of 0.6965 and the 0.70 area thereafter.
AUD/USD M15 chart
The 15 min time frame's W-formation could lead to a move higher within the confines of the bullish trendline.
AUD/USD H1 chart
In the same vein, but with a variation of the bullish bias, traders can take into account the price imbalance on the hourly chart below. This is an area which may need to be mitigated in the coming sessions prior to the main move higher which exposes the 0.6820s for a 100 pip move higher thereafter. In doing so, it will complete the hourly W-formaiton.
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