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31 Jul 2022

AUD/USD Price Analysis: Bulls are trying to pull away with eyes set on the 0.7000s

  • AUD/USD bulls have been in charge and eye a continuation for the week ahead.
  • The 0.7000s are calling but a meanwhile reversion to the downside could be on the cards. 

AUD/USD is setting up for a compelling bullish scenario for the open, although the weekly chart's W-formation offers the risk of a significant reversion. 

AUD/USD H4 chart

The price has been carving out a broadening formation and should the bulls commit, then there is room to go to the upside for the week ahead.

AUD/USD weekly chart

However, the weekly chart's W-formation is worth noting as a potential hindrance with the 50% mean reversion level aligning with the neckline of the pattern. 

AUD/USD H1

For the open, the bulls could well emerge from the presumed support base and the confluence of the 50% mean reversion area and a prior hourly high/resistance. A bullish extension of the prior hourly impulse could see the bulls in charge all the way into the 0.7000s in the very near term. 

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