AUD/USD Price Analysis: Bulls looking for H1 continuation from daily support

• AUD/USD bulls are looking for a deceleration of the downside in New York.
• The session's ahead could see the price evolve into a bullish structure on the hourly chart leading to a daily continuation.

AUD/USD has made a well deserved meanwhile comeback this week, falling from a low of 0.7090 to a high of 0.7223 so far. This is in light of the US dollar being unable to break the 97 levels in the DXY index and some good domestic news in the Aussie jobs market. 

As illustrated on the daily chart, below, the price has  rallied strongly in a correction of the dominant bear trend, corrected, and then rallied again as follows:

AUD/USD daily chart

The price move din towards the 50-day moving average and would be expected to continue higher in the coming sessions to fill, at least, the wick that it is leaving behind as the price sinks back to mitigate the imbalance left behind on the recent rally through 0.7180. 

AUD/USD H1 chart

From an H1 perspective, the bulls will be looking for a deceleration of the bearish correction as follows: 

Should the price decelerate and turn higher from the expected support (old daily resistance), then there is a high probability that the price will move higher to fill the daily wick and move in on the 0.7240s. 

We have a similar scenario on the US dollar chart:

DXY H1 chart

The price has hit the 61.8% Fibonacci retracement and should this hold, as it looks like it is doing currently, then the price would be expected to continue south. This would play into the hands of the Aussie bulls seeking an upside continuation on the hourly chart.