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  • AUD/USD bulls committing in the daily demand area.  
  • Bulls to target significant correction back to test old support.  

As per the prior analysis,  AUD/USD Price Analysis: Bulls step in at daily support, the price has been testing the bullish commitments at daily support.  

However, we have not seen the correction warranted for a downside continuation, as yet.  

Prior analysis

Daily chart

The bulls can seek a string retracement to old support and a confluence of the 61.8% Fibonacci retracement.  

However, there are nearer-term targets on the lower time frames.  

Hourly chart

Live market, 4 & 1-hour charts

The price would be expected to move in to test the old support structure prior to any significant continuation to the downside.  

From a 1-hour perspective, the price has already corrected to a 38.2% Fibo on the hourly impulse. This resulted in  a downside extension.

However, the price is meeting support and lacks follow-through.