AUD/USD Price Analysis: Bulls move in at key support, 0.6720s eyed

AUD/USD bears are lurking but bulls are stepping in.
The price is stalling on the sell-off at a key support area, so a correction is eyed.

Ross J Burland FXStreet

AUD/USD has dropped into support near 0.6690 and is starting to decelerate in the drive lower. A correction could be on the cards as illustrated above. The target areas are in the 0.6720s and then towards 0.6750.

AUD/USD H4 chart

From an hourly perspective, the 50% mean reversion of the prior bearish impulse aligns in the 0.6750s also:

A move into resistance could equate to a downside continuation towards 0.6670 initially.

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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