AUD/USD Price Analysis: Bulls step up to target 0.7180
- AUD/USD could be correcting towards the 0.7180s if the bears don't commit immediately.
- Bears will be looking for a downside weekly extension to mitigate the imbalance towards 0.68 the figure.
AUD/USD has caught a bid in the US sessions as risk flips to positive and the US stock market rallies. The price is moving through the mid-point of the 0.71 area and the bull eye 0.7180.
AUD/USD weekly chart
The bias is to the downside from a weekly perspective while the price has met a 38.2% Fibonacci level on a retest of the prior support that turned resistance. Meanwhile, should the bears take control, then the mitigation of the prior imbalance towards 0.68 the figure will be in play.
AUD/USD daily chart
The price is running up to test the firm double top resistance with 0.7180 eyed. If this holds, then the downside will be favoured as per the weekly chart.
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