There is a minor correction taking place with the bulls for AUDUSD at 0.67875.
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- AUD/USD bulls are in the process of a minor correction.
As per the prior analysis, AUD/USD Price Analysis: Bears grind towards key 4-hour support, the bears made their moves and squeeze longs out all the way to a 50% mean reversion of the prior daily bullish impulses range. The following is an analysis of the moves and offers possibilities for the forthcoming sessions and days.
The pair were meeting resistance and the support structures were then put into focus.
Dropping down to the 4-hour chart, the bears were in anticipation of a move into both horizontal and trendline supports.
The price has continued lower in a 50% mean reversion of the daily bullish impulse at 0.6770 reaching a low of 0.6753 and towards a weekly 38.2% Fibonacci level near 0.6730.
The 4-hour chart shows the price correction from the 0.6750 area. This leaves prospects of a move-in on the 38.2% Fibonacci a 50% mean reversion to test the 0.68 figure again and even a 61.8% ratio higher up prior to the next downside impulse getting underway.
Dropping down to the hourly chart, we see that the 50% mean reversion area guards an inefficiency between thereabouts, 0.6812 highs and 0.6850. The bottom of the inefficiency areas tend to act as a resistance.
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