AUD/USD Price Analysis: Bears not done yet

• 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.