• AUD/USD is testing the bearish commitments at recent daily highs. 
  • Bulls are in control but a discount to the 4-hour structure would be preferable.  

AUD/USD is on the verge of a daily bullish extension in a relentless bullish trend. However, the price is overextended on the recent burst through structure and could be due for a meanwhile correction. 

Daily chart

The price has corrected the daily trend and subsequently it has started to extend higher in what would be expected to be a continuation of the bullish trend. 

4-hour chart

Bulls are in control and have burst through the first layer of resistance. A discount on the move will be offered on a restest of the new support structure.