Are the Bulls Able to Conquer 0.7744 on AUD/USD?

The Australian versus the United States dollar currency pair seems to have rotated at the 0.7387 area. Are the bulls really coming back?

Long-term perspective
After the corrective phase that spans from the 0.7413 high to the 0.6991 low, the price started to climb, reaching the 0.7820 high.
From there, the price commenced oscillating above and below the 0.7744 area. Considering that, at least from the bullish point of view, a much better approach would have been to validate the 0.7744 level as support, the fact that this did not materialize shaded the chances of a new appreciation.
On the other hand, the bears chose not to put much pressure on the price — at least for the time being. In other words, even if they had the chance, the bears were reluctant in defining on the chart a sustained depreciation following the end of the potential triple top — first top marked by the 0.7820 high.
One possibility is that they considered the trend to be too steep for such an endeavor to be set in motion, for they waited for some evident bullish tiredness signs.
And their patience paid off, as the price ebbed until the 0.7587 low. Of course, as the 0.7563 low was printed just under the firm support area of 0.7587 and as it was followed by a bullish engulfing on February the 5th, one may consider that a new rise unveils.
Still, as long as the price sits under 0.7744, chances are that any appreciation is a new opportunity for the bears to join the market at a better price rather than the bulls catching up strength.
So, as long as the price trades under the 0.7744 level, upon touching it or even before reaching it, the price may start a new leg towards the south. This makes 0.7587 the first bearish target, the second being 0.7453.

Short-term perspective
After falsely piercing the 0.7742 resistance area and defining the 0.7765 high, the price dropped, breaking the 0.7667 support and extending beyond the following one, stationary at 0.7580.
However, the bulls rendered the 0.7563 low as part of a false piercing, thus being able to print a rally that set the price above 0.7667.
So, if the bulls do capture 0.7667, then 0.7742 is the first target. Still, if 0.7667 fails to serve as support, then 0.7580 is the next bearish objective.

Levels to keep an eye on:

D1: 0.7744 0.7587 0.7453
H4: 0.7667 0.7742 0.7580

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Original from: www.earnforex.com