AUD/USD Price Analysis: Bulls are shaping up a case for a move higher

• AUD/USD bulls are moving in and testing a key short-term resistance.
• An inverse head and shoulders are in the making. 

AUD/USD bulls are moving in ahead of the Employment report today. At the time of writing, AUD/USD is trading around 0.6665, a key short-term resistance level as the following charts will illustrate.

AUD/USD daily chart

The M-formation is a reversion pattern that has been pulling the price back up into the bearish impulse on the daily chart as illustrated above. There could be more to come as the following thesis shows in a bullish bias. 

AUD/USD H4 charts

We have a four-hour inverse head and shoulders and a market that is trying to turn higher from support. 

Bulls are on the back side of the prior micro bearish trend and the right-hand shoulder is forming. 

AUD/USD H1 chart

On the hourly chart, the correction into the bullish impulse has completed a 50% mean reversion, deep enough to attract bids from the 0.6650s. A break of the 0.6665 resistance could be the catalyst for firmer demand for the day ahead that will complete the right-hand shoulder.