AUD/USD Price Analysis: Bulls step in at daily support

• AUD/USD bulls step in at daily support and target upside correction.
• Bears will be seeking a test of familiar structure for a discount.

AUD/USD is correcting the string downside move as we head into early Asia.

The US dollar has been the top performer on Tuesday in risk-off markets which has weighed don the commodity complex.

The following top-down analysis illustrates that the price is headed towards a sizeable retracement. 

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

There is a confluence of old support meeting critical Fibonacci levels on the hourly chart. 

15-min chart

The lower time frames, such as the 15-min chart, can be used to identify near term structure in order to seek out optimal entry and targets. 

In this case, the conditions remain bearish but a cross over of the 8 open and 8 close SMAs can help reinforce the bullish bias as Momentum moves towards more positive territory.