0.7587 Keeping Bulls in Check on AUD/USD?

The Australian versus the US dollar currency pair seems to be halted by the 0.7587 area. Are the bears strong enough to limit further bullish advancement?

Long-term perspective
After touching the 0.7010 resistance level, the price retraced and entered a consolidation phase around the intermediary level of 0.6873.
Later, 0.7010 was pierced, allowing an appreciation until the 0.7413 peak, above the 0.7320 level. The price then returned under 0.7320 and made a throwback until the 0.7010 ex-resistance area, validating it as support.
The bears attempted to turn the situation in their favor by limiting the rise with the aid of 0.7191.
Still, after the third confirmation of 0.7010 as support — as noted by the 0.6991 low — that ended up as a false piercing, the bulls cleared 0.7191.
However, the 0.7320 level seemed to be well protected by the bears, as this second climb was also limited here.
Nevertheless, the bullish consolidative phase under 0.7320 put together enough steam to break 0.7320 and allow the ascent to reach the 0.7639 high.
But as the 0.7639 high sits just above the firm 0.7587 resistance and as the bears caused a sharp decline to 0.7453, one may be wondering if this time the bears will pull it off and reverse the trend.
So, if 0.7587 borders the bullish attempts, then a topping chart pattern — like a double top with the first top defined by the 0.7639 high — may be in the cards. Of course, this requires the 0.7453 level — which acts as the neck-line — to be pierced and validated as resistance.
If the double top does materialize, then 0.7320 acts as the first bearish target. On the other hand, if 0.7587 is conquered by the bulls, then 0.7744 is their first objective.

Short-term perspective
The ascending movement that came about after 0.7236 was confirmed as support peaked at 0.7639. Then, the price slipped under 0.7580 and ebbed until 0.7460.
Still, the bulls recovered and set the price back above 0.7580. If they can keep the quotation over 0.7580, then they can hope for 0.7667. On the other hand, as the bears now know that their attempts are favorable, as the sharp decline to 0.7460 highlights, a new endeavor to drive the price under 0.7580 would not be surprising.
If this happens, then either the market would evolve in a range confined by 0.7580 as resistance and 0.7460 as support, or the bears would just send the price under 0.7460. In the latter scenario, the door to 0.7398 opens.

Levels to keep an eye on:

D1: 0.7587 0.7453 0.7320 0.7744
H4: 0.7580 0.7667 0.7460 0.7398

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Original from: www.earnforex.com