AUD/USD Price Analysis: Bulls making good headway start of week

AUD/USD bulls are on track for a significant correction on Monday.
Bulls eye a move into a price imbalance on the hourly charts.

Ross J Burland FXStreet

As per the prior analysis at the start of the Asian session, AUD/USD Price Analysis: Pre-open points to bullish correction, eyes on the 61.8% golden ratio, the market is following the projected trajectory higher and is well on its way towards the 38.2% Fibonacci retracement level near 0.6240. We have seen a high of the day at 0.6234 so far from a low of 0.6202.

AUD/USD prior analysis, H1 chart

As per the hourly chart, it was explained that AUD/USD ''is well below last month's lows and will remain in the bear's hands so long as Friday's highs of near 0.6250 are not violated.''

A correction into the greyed areas which are price imbalances on the hourly chart was anticipated for the opening sessions on Monday which put the prior bull candle's lows in focus near a 61.8% Fibonacci retracement near 0.6275. It was stated that ''while below this area of resistance, the focus will be on a break of the fresh bear cycle lows near 0.6170 and for a downside continuation.''

AUD/USD update

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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