- AUD/USD is on the but is making hard work of the upside.
- There are prospects of a meanwhile test of old support on the daily chart.
AUD/USD is trapped between support and resistance but there are market structure developments that should be noted for the ope this week as follows:
While the price is trapped between the support and resistance, the bulls are in play and there are prospects of an upside.
However, a deeper correction to fully test prior resistance is also a possibility.
Weekly chart
A weekly outlook shows a reverse head and shoulders which could well see the right-hand shoulder which would be expected to equate to an upside continuation.
Daily chart
Zooming in, as follows, the bulls can target a 61.8% Fibo retracement which has a confluence with the prior support.
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