AUD/USD Price Analysis: Key 0.6820 could come under pressure

• AUD/USD bears are lurking for the open.
• Bulls need to stay in control above 0.6820.

The week ahead will be key for this pair considering the Aussie Labour market and the US Consumer Price Index with the Federal Reserve fast approaching. Meanwhile, for the open, the price is trapped between 4-hour support and resistance. The following illustrates the importance of 0.6820 on the downside and 0.6880 on the upside with prospects for 0.6950 for the week ahead.

AUD/USD prior analysis

It was stated that the W-formation's support was sturdy and a break of the trendline would open the risk of a firmer rally and throw the daily chart's downside thesis into the wind. 

AUD/USD live market

The price rallied and broke through resistance which now leaves the upside bias intact for the day ahead. The bulls will need to stay committed above 0.6815/20 for the 38.2% Fibonacci retracement to serve as a demand area. On the other hand, if the bulls give way there, then the area of last defence could come in at the neckline of the daily W-formation as follows: