AUD/USD Price Analysis: Bears seeking a deep correction

• AUD/USD is back in the hands of the bears as the US dollar hardens.
• Bulls need to defend the 38.2% Fibonacci or face being trapped back to prior structure. 

AUD/USD has given back a sizeable amount of the bullish impulse over these past few sessions and the bulls need to commit to the purpose above a critical 38.2% Fibonacci retracement of the daily impulse. 

The following illustrates the market structure on both a daily and 30-min time frame. 

Daily chart

The daily chart shows that the price is under pressure having rallied way beyond the prior highs. a pullback was inevitable, but the questions whether the bulls will commit to where they need to. 

A break of the 38.2% Fibo and support structure opens risk to a deeper 61.8% Fibo retracement and restest of the prior highs.

30 min chart

From a lower time frame perspective the outlook is illustrated with the price already being rejected by the prior support that is now acting as resistance at a key hour pivot point.