AUD/USD Price Analysis: Bulls stepping in and eye a significant correction

• AUD/USD is stalling on the offer and the bulls eye the Fibonacci scale. 
• A significant correction could be on the cards for the days ahead. 

AUD/USD is correcting the heavy losses from the start of this week and is higher by some 0.2% at the time of writing after rallying from a low of 0.7169 to a high of 0.7191 so far. The following illustrates the potential for an upside recovery into test the prior lows from current support on the daily time frame and how this might play out on the hourly: 

AUD/USD daily chart

The price has fallen into a demand area on the daily chart where a phase of accumulation could playout for the days ahead. In doing so, the price n the lower time frames would be expected to form a bullish market structure from which bulls will be looking to engage from with a view to mitigating the price imbalance left behind from the past few sessions of supply. 

AUD/USD H1 chart

On the other hand, should the US dollar continue to firm, then a break of the current lows opens prospects of a break of 0.70 the figure for the days ahead: