AUD/USD Price Analysis: Bulls stay in the game and eye higher before correction

AUD/USD bulls eye a move higher to test a key resistance area.
Bears note the W-formation´s neckline on the downside.

Ross J Burland FXStreet

AUDUSD advanced mid-week and extended the gains on Thursday´s New York session as the US Dollar tumbled. AUD was helped by better China factory data and due to the hopes that the Federal Reserve will pause the rate hike. The currency has moved away from a 6-1/2 month low made on Wednesday and is recouping some of the 1.7% loss made last month. The following illustrates the technical structure and prospects of a continuation before the next leg lower.

AUD/USD daily chart

The price is still in a bearish territory while below the trendline resistance, submerged by the horizontal resistance as well. There are prospects of a move to the 50% mean reversion area and then the 61.8% Fibonacci level. This, in turn, will leave behind a W-formation, a reversion pattern:

AUD/USD H1 charts

The neckline will be eyed in the 0.6660s for a restest as support as follows:

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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