AUD/USD Price Analysis: Bulls look to 0.6850, bears eye 0.6650/80s

• AUD/USD is in the hands of the bears on the long-term charts.
• Nearereterm, there are prospects of a bullish meanwhile correction. 

AUD/USD is pressured mid-week and has been testing below 0.6800 again but has so far failed to break cleanly away despite making a fresh low for the week. Instead, the bulls moved in to take the price back to test the bear's commitments near the figure and failed to break through them. The following illustrates the prospects of both a move higher and lower in a multi-timeframe analysis:

AUD/USD H4 charts

The M-formations are drawing in the price towards the necklines. The grey area is a price imbalance that would be expected to be filled in due course. 

AUD/USD daily chart

The daily chart, however, shows that there is a resistance that would guard against a move higher than the mitigation window. 

AUD/USD weekly chart

The price is on the verge of moving lower to attenuate the price imbalance below. A correction to restest the neckline of the M-formation could fuel further supply to 0.6616 prior highs.