AUD/USD Price Analysis: Bulls are stalling at key hourly resistance, bears eye 0.7280s and below

• AUD/USD bulls meet the counter-trendline on the hourly chart.
• The bears are seeking a restest of prior structure.

AUD/USD has started to be distributed at a critical level on the hourly chart around the psychological 0.73 figure. The price has extended its advance although only to meet the counter hourly trendline from where bears are moving in.

AUD/USD H1 chart

Additionally, the price has formed a W-formation for which should draw in the price into a 38.2% Fibonacci retracement level to the 0.7280s in coming hours. Below there, the price will be wedged between hour support and resistance and a break of the 0.7230s will open risk of a downside continuation to test the bull's commitments at 0.72 the figure.