AUD/USD Price Analysis: Bulls need to hold above 0.6435
- AUD/USD is meeting a key resistance line with eyes on a break of both hourly and daily trendlines.
- The bulls will be in control if they can hold above 0.6435/50.
As per the prior analysis, AUD/USD Price Analysis: A long squeeze could be in order for the day ahead, the following is a bullish scenario taking into consideration the bottoming pattern, the bullish trend line with the price still on the front side of the trend.
AUD/USD daily chart
The bulls remain in control despite the risks of rejection at the resistance and a move below the trendline support. 0.6550 is a key level on the daily chart while the bulls hold on 100 pips lower.
AUD/USD H1 chart
The hourly chart shows the price supported at 0.6450 and wedged in against a trendline resistance that could be about to give out. In doing so, the bulls will be in the runnings for a significant run to the upside to test 0.6500 and on the way to the more dominant resistance of the daily bearish trendline.