AUD/USD Price Analysis: Bulls accumulating, mark-up could be on the cards

AUD/USD is correcting and on the verge of a break of hourly resistance.
The 15-min chart is showing signs of demand at a critical level.

Ross J Burland FXStreet

AUD/USD bulls are attempting to correct the downtrend. The price is stuck below 0.7010 resistance but the lower time frame offers a compelling series of accumulation that could result in a strong move towards the next hourly layer of resistance near 0.7080.

AUD/USD H1 chart

AUD/USD M15 chart

AUD/USD has started to lay a fresh foundation of support on the 15-min chart that could turn out to be crucial for the sessions ahead. If the bulls build from here, then there is a high probability that 0.7030 will be tested in the day ahead. The double bottom lows and respect of the trendline support are encouraging, as is the break of the trendline resistance. The bulls have been accumulating and a mark-up is probable.

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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