AUD/USD Price Analysis: Bulls take control and on track to hunt down 0.7050

[view original post]
  • AUD/USD bulls have taken control in Asia along a daily trendline support.
  • The hourly broadening formation points to a move higher also. 

AUD/USD has spiked in the Asian trade and eyes are on a move higher from both a daily and hourly perspective. The following illustrates the bullish trajectory from a bullish bias within the daily and hourly charts. 

AUD/USD daily chart

From a daily perspective, the bulls have their eyes on a move beyond the recent highs towards the 0.7050 mark as the price climbs the trendline support. 

AUD/USD H1 chart

The broadening formation on the hourly chart leaves the upside trendline resistance exposed and vulnerable as well prior to a move lower within the confines of the shorter-term pattern.