AUD/USD Price Analysis: Bulls look to daily resistance target

The Reverse Head & Shoulders is playing out for the bulls.
AUD/USD bulls looking for an upside surge to daily resistance.

Ross J Burland FXStreet

As per the prior analysis, AUD/USD Price Analysis: Prospects for weekly H&S vs daily W-formation/Reverse H&S, the Reverse H&S is the most probable outcome at this juncture.

Prior analysis, Reverse H&S scenario

The daily charts are offering the prospects of either a W-formation if the price breaks the 78.6% or a more complicated scenario in the formation of a bullish Reverse Head & Shoulders:

Live market, daily chart, RH&S

Over the day's since the prior analysis, the daily chart has evolved into the formation of the right-hand shoulder (RHS) of the reverse head and shoulders (RH&S).

The bulls are in play at this juncture of support and the price would be expected to move to the upside.

The bulls can monitor for bullish conditions on a lower time frame to target the daily resistance structure.

Hourly chart

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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