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  • AUD/USD bulls are back to the table and target a daily 38.2% Fibo.  
  • The hourly chart’s near term, resistance is the first port of call.  

The following illustrates how the bulls are taking charge and the potential of a significant upside correction.  

The bulls have stepped in and taken the price up to meet the prior hourly highs.  

This now leaves a bullish case on the table and a W-formation that would be expected to hamstring the initial bullish attempts at the old support structure.  

  • AUD/USD consolidates losses around 0.7500, Aussie Retail Sales, PBOC eyed

Daily chart

The bulls can target a confluence of the prior support structure and a 38.2% Fibonacci retracement level.