- AUD/USD bulls are back to the table and target a daily 38.2% Fibo.
- The hourly chart’s near term, resistance is the first port of call.
The following illustrates how the bulls are taking charge and the potential of a significant upside correction.
The bulls have stepped in and taken the price up to meet the prior hourly highs.
This now leaves a bullish case on the table and a W-formation that would be expected to hamstring the initial bullish attempts at the old support structure.
The bulls can target a confluence of the prior support structure and a 38.2% Fibonacci retracement level.
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