After posting a series of price action patterns; two inside bar candles on the daily Time frame, price is currently trading above the high of the mother candle.
On the hourly Time frame price is just above the 200 exponential moving average and has been temporarily capped by the +1/2 and +2/2 murrey math levels respectively, and roughly 30 pips away from daily pivot point. Average directional index remains bullish however, lending some credence to the daily price action.
On the daily, stochastic is bearish and over sold, lending weight to price action and possible bullish momentum reversal as price has failed to breach the 200 exponential moving average in its decline.
A sustained daily close above the 0.77950 handle may the AUDUSD gunning for the 0.79800/0.8400 levels in the coming week.
In a nutshell, my bias for the AUDUSD is bullish as it stands.
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