AUD/USD Price Analysis: Bears are waiting to pounce from key higher time frame resistance structures

• AUD/USD bulls stay in charge mid-week taking on critical resistance
• AUD/USD bears are monitoring for a deceleration in the bull rally. 

AUD/USD bulls have made an impressive advance on the week so far and the following illustrates the market structure and potential outcomes for days, week ahead. The price has rallied into the neckline of the weekly formation where the 50% mean reversion level aligns:

AUD/USD weekly chart

This could offer a firm resistance that would be expected to equate to a bearish structure on the lower time frames for the days ahead. 

AUD/USD daily chart

The daily chart shows the price has moved into a potential resistance lock near the 78.6% Fibonacci. This Fibo is extreme and the price action has been very strong to the upside. This could mean that the bulls are intent on taking over control and we could see higher levels to come yet before they throw in the towel and take profits. Nevertheless, the bears will be monitoring for deceleration in the bull's aggressive advance.