AUD/USD Price Analysis: Bulls have moved in, can they stay the course?

AUD/USD has found a bid on the back of a sell-off in the US dollar.
Bulls eye a breakout of 0.6330 recent peak formation highs.

Ross J Burland FXStreet

The price has formed a peak formation in the aftermath of the US inflation data which leaves the focus on the upside for the day ahead and on the US Retail Sales data for Friday in the US session. A less-than-encouraging number could be problematic for the US dollar as speculators investors seek out short-term gains elsewhere.

AUD/USD H1 chart

With that being said, the Aussie is high beta to the US stocks markets so it too could struggle in the face of weak data. Nevertheless, the bulls will be back in control on a break of 0.6350 which is above the October 11 peak formation around 0.6330. Beyond 0.6350, the bulls will be eying a move back to 0.6400, 0.6500 and then 0.6550.

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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