AUD/USD Price Analysis: Bulls seeking higher grounds into key data events
- AUD/USD bulls are moving in with a focus on a break of resistance.
- Bove there, there is risk to 0.7000 in order to mitigate the price imbalance above between 0.6975 and 0.7007.
AUD/USD is climbing ahead of the Trade Balance data today. At 0.6950, the price is tipping into the green at the time of writing having climbed from a low of 0.6935 with eyes on
The following illustrates the bullish bias from a longer-term perspective and highlights the market structure ahead of the data from an hourly look-in.
AUD/USD weekly chart, prior analysis
As per the prior analysis, AUD/USD Price Analysis: Bulls are trying to pull away with eyes set on the 0.7000s, the W-formation has pulled in the price for a meanwhile correction:
There are still sessions to go until the end of the week, but it so far, the price has retraced to the neckline, so the focus can now be to the upside again.
AUD/USD H1 chart
The price is trapped between a supporting trendline and horizontal resistance. There is a price imbalance that will be mitigated in due course, potentially as soon as the next hours, but so long as the trendline holds up, the focus is on the upside. A break of resistance opens risk to 0.7000 in order to mitigate the price imbalance above between 0.6975 and 0.7007.
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.
