Bulls on Course for 0.7744 on AUD/USD

The Australian versus the United States dollar currency pair seems to be under bullish control. When comes the turn for the bears?

Long-term perspective
The last appreciation phase topped at 0.7413. From there, the price retraced until the 0.7010 area, validating it as support. As expected, a rise came into being but was limited by the 0.7191 level.
As it looked like the bears were thriving, the bulls halted their advancement and took the price back above 0.7191. However, the bears, not willing to let go, pushed the price toward 0.7010.
Still, as the bears were warming their engines for what they believed would be a drive to the next support, the bulls stopped them and, from the 0.6991 low, printed a sharp advancement that extended until the next resistance, 0.7320.
Even if, at each subsequent resistance level, the bears attempted to take over, the bulls unmounted their plans, continuing to define higher lows and highs.
This is how the high of 0.7639 was noted. As a newly conquered level, 0.7587 may do that the previous levels did: sustaining the bullish movement.
So, as long as the price continues to validate 0.7587 as support, the next target is represented by 0.7744. Only if becomes resistance, then 0.7587 may send the price back to 0.7453.

Short-term perspective
After validating 0.7236 as support, the price entered into an ascending phase, one that — as of writing — etched the 0.7639 high.
As long as 0.7580 remains support, the bulls target 0.7667 which, if conquered, opens the door to 0.7762.
On the other hand, if 0.7580 is confirmed as resistance, then the fall could extend until the zone of 0.7460. From there, the situation could either evolve as a flat, limited by 0.7460 as support and 0.7580 as resistance, or, if 0.7460 gives way, go south, towards 0.7398.

Levels to keep an eye on:

D1: 0.7587 0.7744 0.7453
H4: 0.7580 0.7667 0.7762 0.7460 0.7398

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Original from: www.earnforex.com