Bulls Returned, Set for 0.7914 on AUD/USD?

The Australian versus the United States dollar currency pair seems to have the 0.7914 area in focus. Are the bears just going to stand aside?

Long-term perspective
The correction from the 0.7413 high extended until the 0.6991 low, from where the bulls resumed their dominance. So, after the false piercing of the firm support area of 0.7010, the price entered into an ascending phase that drove it until it was, toward the end of December, just a little above the 0.7587 level.
At the end of 2020, the bulls thrust, placing the rise at the start of 2021, a rise that climbed until the 0.7820 high.
Of course, they later had to take a pause, which the bears used as an opportunity to send the price to lower values. As a result, after not being ready to secure 0.7744 as a support area, the bulls allowed the bears to come into play.
As soon as the bears attempted to extend more than the bulls were willing to accept, that is at the 0.7587 level, which corresponds to their reference point to the end of 2020, they steer the price back to 0.7744.
Considering that — for the time being, at least — the bulls are in charge, it is expected that they will anew their attempt to secure 0.7744 as support.
Once they do that, their next objective is 0.7914. Only if 0.7744 cedes, then the bears may be visiting the 0.7587 support once more.

Short-term perspective
From the 0.7765 high, the bears managed to slip under the support level of 0.7667 and send the price to the next support area, 0.7580.
Once there, the bulls printed the double bottom highlighted by the 0.7563 and 0.7483 lows, respectively.
As a result, they could retake 0.7667 and lead the price to the 0.7771 high, which is just above the 0.7742 level, the one from where the previous fall started.
As long as the price oscillates above, or if the bulls manage to conquer the 0.7742 area, then the 0.7802 intermediary level is their next target. Once 0.7802 is checked, 0.7883 — not highlighted on the chart — is the next bullish objective. Still, if the returns to and slips under 0.7742, the bears could aim for 0.7667.

Levels to keep an eye on:

D1: 0.7744 0.7914 0.7587
H4: 0.7742 0.7802 0.7667 0.7883

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Original from: www.earnforex.com