Bulls Still on Duty on AUD/USD?

The Australian versus the United States dollar currency pair seems to have been under some bearish pressure. Still, the question of the now is: are the bulls about to rotate the price?

Long-term perspective
After the false piercing of the 0.7010 support area, marked by the 0.6991 low, the bulls started an ascending phase that climbed until the 0.7820 high.
The 0.7820 high was the starting point of a consolidative phase that validated another support — the 0.7587 area — in the same manner as the previous one — by printing a low that pertains to a false piercing, in this case, 0.7563.
That allowed the bulls the continuation of the rise. Like so, they put the price above 0.7744 and, after it was confirmed as support, they escalated it to the 0.8007 high.
From there, a sharp decline came into being, one that — even after attempting to — failed to find support at 0.7744. As a result, the price slipped, almost touching the 0.7587 area.
Considering that the trend is ascending, it can be admitted that the bulls have the upper hand. So, as the price goes towards 0.7744, it is expected that the bears may try to put some pressure. However, if the resulting decline prints a higher low — concerning the previous one, which sits at 0.7567 — then the bulls may thrust again and succeed in checking 0.7744.
Of course, even if the bears do thrive to send the price back to 0.7587, the bulls still have another shot from 0.7587. Only if 0.7587 is taken out, then the bears could target 0.7453.
Still, as long as 0.7587 remains support, 0.7744 is on the bulls’ radar and, if conquered, allows them to win 0.7914.

Short-term perspective
From the 0.7583 low, the price surged unto the 0.8007 high. From there, the sharp decline took it under the firm area of 0.7838. This allowed the bears to further continue with their endeavor, placing the price under the 0.7667 level.
Nevertheless, the bulls reacted, sending the price back above 0.7667 and leaving behind a false piercing highlighted by the 0.7623 low.
As long as 0.7667 remains support, 0.7742 is in bullish reach. If conquered, 0.7742 opens the door to 0.7802.
On the flip side, if 0.7667 cedes, then 0.7580 is exposed.

Levels to keep an eye on:

D1: 0.7744 0.7587 0.7453 0.7914
H4: 0.7667 0.7742 0.7802 0.7580

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Original from: www.earnforex.com