- AUD/USD bulls are poised for taking on a key area of imbalance on the H4 chart.
- Bulls can target the round 0.7250 for the opening sessions.
As per the prior analysis, AUD/USD Price Analysis: Bulls firming to test critical 0.71 the figure that guards a much stronger correction, the price has moved in on a key area on the charts that paths the way to a run towards 0.7250. The following illustrates the bullish bias for the opening sessions of the week.
AUD/USD prior analysis, H4 chart
It was stated last week that ''the bears tried to take control below the rising wedge, but the bulls firmed at horizontal support and have taken the bears back into the channel. The pull of the M-formation was too much for the bears and the bulls are testing the neckline near the current levels at 0.71 the figure. A break here will leave the bulls in good stead for a break of resistance around 0.7135 and a run of 0.7150 could open the way towards 0.7200 and then the 0.7260s and prior highs.''
AUD/USD live market
The price remains on course as illustrated, respecting the support structures in its pursuit of the price imbalance between recent highs and the May 4 highs at 0.7266. The price would be expected to mitigate this area of imbalance with relative ease.
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