- 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.
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