AUD/USD Price Analysis: Bulls turn the screw in a short squeeze on the back of the Fed

• AUD/USD bulls turn it up on the back of a less hawkish Fed outlook. 
• The technicals now lean bullish, at least for the near term. 

AUD/USD is recovering on the back of a risk rally and relief that the Federal Reserve's chairman, Jerome Powell, is arguing the case for less aggressive tightening. This leads the technicals into a bullish outlook as per the following analysis below:

AUD/USD daily chart

From a daily perspective, the price is attempting to reach into the 0.7050s in a correction of the last leg of the M-formation's bearish impulse. This aligns with a 50% mean reversion. 

AUD/USD hourly chart

The bulls have cracked a number of hourly resistances in the move out of the downtrend and are un the runnings for higher corrective highs in the coming sessions.