AUD/USD Price Analysis: Bull correction underway, 0.7350s eyed ahead of 0.7280 on the bear continuation

• AUD/USD bulls are moving in on the overextended sell-off. 
• However, bears have eyes on territories near 0.7280.

AUD/USD has well and truly surpassed its daily ATR of 88 pips, falling some 130 pips on the day so far. The hourly chart is showing that the price sell-off is decelerating near to Friday's low which leaves prospects for a correction for the forthcoming hours and day ahead. 

AUD/USD H1 chart

As illustrated, the upside offers the 61.8%, 50% and 38.2% ratios in the confluence of the old supporting area as defined by one of the 6 and 7 March hourly candle's lows. This makes for a target range of between 0.7380 and 0.7355.  

However, beyond there, according to the higher time frames, the price may struggle considering the strength of today's daily bear candle:

The daily chart shows that the bears are piling in, likely sparked off by extreme long positioning that has taken profit with most factors, both onshore and offshore, pointing to a stronger US dollar.

The price is dipping the toe into a prior resistance area around the 61.8% ratio in the lows of the day, but further mitigation of the imbalance of price since the 2 March rally leaves the 78.6% ratio vulnerable near 0.7280. Therefore, bears might be inclined to move in at a discount and fade the correction on the hourly time frame for the week ahead: