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13 Mar 2023

AUD/USD Price Analysis: Bulls meet channel resistance near 0.6650, but committed from 0.6600

AUD/USD bulls are in the market following a strong open.
A correction is underway but bulls remain committed at 0.6600 support.

As per the pre-open market analysis, the price rallied into and beyond the M-formation´s neckline which was forecasted to be a pull on the Aussie for the open.

The prior analysis explained that an M-formation had formed on this hourly chart:

´´The M-formation is a reversion pattern and the price can be pulled into the neckline for a restest which is yet to play out, so far. However, it is worth noting for the open this week with 0.6600 being a key level in this regard.´´

AUD/USD update

The bulls are in the market and the correction of the opening rally is stalling above 0.66 so far.

A break has occurred through a micro trendline resistance with more work to do from the bulls to get over the line. 0.6620 will be a milestone on the onward´s journey for laying down the foundations of a continuation beyond 0.6650.

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