Bears Back on AUD/USD from 0.7820?

The Australian versus the United States dollar currency pair seems to be under some bearish pressure. Is this a simple correction of the uptrend, or is it something more?

Long-term perspective
After piercing the 0.7010 level, the price extended until the 0.7413 high. From there, a fall came into being, one that brought the price back to 0.7010. But the bulls took care of that, as they rendered the 0.6991 low as part of a false piercing, thus setting the path for a sustainable appreciation.
As a result, the price climbed to the 0.7820 high in an attempt to secure the 0.7744 area as support. However, the bears were determined to defend the zone, and, as a consequence, a consolidation phase took shape.
But as consolidations usually end up with the continuation of the prior movement (which in this case should have been toward the north), and since the current one allowed its support to cede, the question of the now is: are the bears joining the market?
For the time being, as long as 0.7587 continues to play the role of support, 0.7744 remains in bullish reach. This makes it possible for them to validate it as support, which, in turn, opens the door to 0.7914.
Still, if 0.7587 gives way, then the next area of support, which, of course, is the next bearish objective, is 0.7453.

Short-term perspective
After they conquered the 0.7580 level, the bulls went on sending the price toward the north, managing to print the 0.7820 high.
From there, the price retraced to 0.7667, thus establishing a flat limited by the 0.7802 intermediary level as resistance.
Still, the bulls seem to be losing the battle, for 0.7667 failed to continue serving as support. This is highlighted by the fall that almost touched the 0.7580 level.
So, if the bulls do accomplish to retake 0.7667, then they can rechallenge 0.7742, followed by 0.7802.
On the other hand, if 0.7667 remains resistance, then 0.7580 is the next bearish target, followed by 0.7460.

Levels to keep an eye on:

D1: 0.7587 0.7744 0.7914 0.7453
H4: 0.7667 0.7742 0.7580 0.7460

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Original from: www.earnforex.com