AUD/USD Price Analysis: Bulls are holding the fort, eye 0.6720

• AUD/USDs W-formation´s neckline could be holding up as support for the day ahead.
• Bulls eye bullish continuation with 0.6720 eyed. 

AUD/USD has moved up to challenge the 0.6700 area in a 38.2% Fibonacci retracement of the bearish run in the M-formation, a pattern illustrated in the pre-open market analysis at the end of Friday:

• AUD/USD Price Analysis: Bears will be looking for a premium in the open

It was stated that the 0.6640s and 0.6620s were highlighted as the first support zone and that there could be a correction from this point. 

AUDU/SD update

AUD/USD has rallied from the lows and has completed a test of the 38.2% Fibonacci retracement. A continuation would be expected at this juncture for the day ahead.

AUD/USD H1 chart

If we zoom down to the 1-hour charts, we can see the price is forming an inverse head and shoulders and is on the backside of the prior bearish trendline:

The W-formation´s neckline could be holding up as support for the day ahead and we might see a bullish continuation with 0.6720 eyed.