AUD/USD Price Analysis: Bulls step on the gas and eye 0.6850

AUD/USD bulls have moved in for the kill to pierce the 0.68 figure.
There are prospects of a run towards 0.6850 for the day ahead.

Ross J Burland FXStreet

AUD/USD is attempting to break higher as the US dollar struggles to drive forward following a sizeable move overnight. The price is accumulating at around 0.6800 having corrected to a 38.2% Fibonacci retracement of the prior bullish impulse in the hourly time frame.

AUD/USD H1 chart

There has been a surge to the upside during the first two hours of the Tokyo session which may indicate that a low is in place and the bias is to the upside for the day ahead. If this is the case, then there is a large price imbalance between 0.6820 and a touch above 0.6850 that could be mitigated in the coming mid-week sessions.

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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