• AUD/USD bulls are moving in for a test of key resistance. 
• The weekly M-formation is a reversion pattern that is holding up the downside. 

As per the prior analysis, AUD/USD Price Analysis: Bears move in from critical resistance, the price moved lower and on the daily outlook, the price could be coiling for a bearish extension for the days ahead. 

AUD/USD daily chart

Should the daily chart's resistance hold, then the bears could be encouraged to move in, leaving a bearish bias on the charts for the days ahead. However, the bulls are taking charge in the meantime and a break of the said resistance, illustrated in a lower time frame, below, will be critical for the immediate future. 

AUD/USD H4 chart

The W-formation's support is sturdy and a break of the trendline will open the risk of a firmer rally and throw the daily chart's downside thesis into the wind. 

AUD/USD weekly chart

The M-formation is a charming pattern that could see a reversal extend into the resistance marked around 0.6850.