Bears Attempting to Take Over on AUD/USD from 0.7744?

The Australian versus the US dollar currency pair seems to be pointing towards the north. Still, the bearish pressure is present.

Long-term perspective
After the false piercing of the 0.7010 firm area, the bulls printed a rally that climbed until 0.7320 and was followed by an ascending movement which allowed o corrective phase only after it noted the 0.7820 high.
The correction extended to the 0.7563 low, a price that coincides with the rally that set the price above 0.7744. Still, after a short throwback, the bulls continued their surge, binging the quotation to the 0.8007 high.
Seeing the opportunity, the bears stepped in, causing a decline that 0.7744 was not able to stop and which resulted in defining the 0.7621 low.
Nevertheless, the bulls rotated the price and sent it back above 0.7744. This unfolding resembles the bullish dominance.
However, the 0.7820 may very well be highlighting the shoulder of a head and shoulders chart pattern with the head pinpointed by 0.8007.
So, if the price slips under the 0.7744 level and validates it as resistance, then the bears could draw the second shoulder and head for the neckline that sits at 0.7587. If this scenario takes shape, 0.7453 is the first target, the second being represented by 0.7320.
On the flip side, 0.7744 remaining support translates into a rally with the first objective at 0.7914.

Short-term perspective
The 0.8007 marked the point where a sharp decline commenced, one that slipped under 0.7742 but quickly recovered.
With all their efforts, the bulls were not able to secure the level, as the 0.7802 intermediary level favored the bears.
Following the 0.7621 low, the bulls made a new attempt, managing to bring the price above 0.7742.
As long as 0.7742 remains support, the bulls can conquer 0.7802, which, if they do, opens the path to 0.7883.
Still, if 0.7742 cedes, then 0.7667 is the main bearish target. Nonetheless, in such a context, 0.7667 may give way, leading to 0.7580.

Levels to keep an eye on:

D1: 0.7744 0.7587 0.7453 0.7320 0.7914
H4: 0.7740 0.7802 0.7883 0.7667 0.7580

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Original from: www.earnforex.com