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  • AUD/USD meets daily resistance and the focus is on the downside.  
  • Bears can target a confluence of structure and Fibo area.  

AUD/USD is on the verge of a significant downside correction as the price meets daily resistance.

Bears can target the prior resistance structure which has a confluence with the 38.2% Fibonacci retracement level of the daily impulse.  

Daily chart

The daily chart  shows the confluence of the 38.2% Fibo and prior resistance.  

30-min chart

The 30-min chart shows meanwhile support that traders will be eyeing for a break, retest and subsequent downside correction to prior daily resistance.