AUD/USD Price Analysis: Bulls may have run their course, 0.7180, 0.7150 and 0.7100 eyed

AUD/USD is correcting in a weekly and daily move that may have run its course. The following illustrates the market imbalances and structures in a top-down analysis from a bearish perspective. 

AUD/USD daily chart

As illustrated, the price is attempting to rally from the trendline support within the rising channel. However, if the bulls fail to break the resistance through 0.7250, the focus could quickly shift back to the downside and bears will be looking for a downside continuation and break of 0.70 the figure as per the weekly chart:

AUD/USD Weekly chart

As illustrated, the price has met the M-formation's neckline which would be expected to act as resistance. This also has a confluence with the 50% mean reversion of the weekly bearish impulse. 0.7150 support is key in guarding against a downside continuation towards and through the weekly lows of 0.6995. 

AUD/USD H1 charts

Meanwhile, from a nearer term outlook, the bears are stepping in following a recent surge to the upside that has mitigated almost all of the prior imbalance from the bearish impulse. With that being said, the bulls will be keen to mitigate all of the imbalance to towards 0.7253 which could play out as follows:

Or... 

Should the bears have already gathered enough sell liquidity, then the price can easily deteriorate from here which leaves the 61.8% Fibo as the last defence ahead of a restest of the hourly lows at the dynamic trendline support near 0.7180. If that breaks, then sell stops around 0.7150 could be quickly tested exposing 0.71 the figure for a test in the coming days.