AUDUSD Chart Technical Outlook correcting higher within the BC leg of a Bat formation
With the market having a risk-on attitude, we are seeing a correction to the upside in AUD/USD.
From a technical perspective, this can be seen as the BC leg in a large Bat formation. A common retracement level is 88.6% of the last decline. This upside barrier is located at 0.6698. We have the trend of lower highs from a channel formation located at 0.6686. A barrage of U.S. data will be the catalyst for the next move.
Conclusion: The immediate bias is mildly bullish. I would look to 0.6685-0.6698 as a substantial upside barrier (target)
