AUD/USD Price Analysis: Bulls step on the gas and eye 0.6850
|- AUD/USD bulls have moved in for the kill to pierce the 0.68 figure.
- There are prospects of a run towards 0.6850 for the day ahead.
AUD/USD is attempting to break higher as the US dollar struggles to drive forward following a sizeable move overnight. The price is accumulating at around 0.6800 having corrected to a 38.2% Fibonacci retracement of the prior bullish impulse in the hourly time frame.
AUD/USD H1 chart
There has been a surge to the upside during the first two hours of the Tokyo session which may indicate that a low is in place and the bias is to the upside for the day ahead. If this is the case, then there is a large price imbalance between 0.6820 and a touch above 0.6850 that could be mitigated in the coming mid-week sessions.
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