#AUDUSD @ 0.69374 -imp levels: bulls run with it to target, but bears could be about to move in.
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- AUD/USD bulls run with it to target, but bears could be about to move in.
- Eyes on the Gartley upside target and neckline for the day ahead.
AUD/USD bulls have stayed the course and are homing in on the aforementioned targets that were highlighted in the prior analysis, AUD/USD Price Analysis: Bulls eye 0.6950 for Thursday’s business, bears need to get below 0.6880.
The following illustrates the progress made so far within a range of 0.6902 and 0.6941:
It was explained that the W-formations were bottoming patterns where the price had been supported by the necklines. This was a bullish scenario for the Tokyo open and the day ahead. The Gartley pattern was a bullish feature on the hourly chart whereby the target aligns with a 78.6% Fibonacci retracement o the current corrective range between recent highs and lows of 0.6965 and 0.6880. The prior structure aligns with this target as being the 0.6945/50 area on the chart. We have already seen a high of 0.6941 so far:
As illustrated, the price has rallied towards the target area. Now the bears will be looking to take advantage of the rally:
The price will eventually run out of steam, quite possibly around the target area and there will be prospects of opportunities on the lower time frames from bearish structure to target towards the neck line of the Gartley between a 38.2% ratio and a 50% mean reversion for the day ahead.
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