AUD/USD Price Analysis: Bulls moving in and eye a 38.2% Fibo retracement

• AUD/USD bulls are moving in and the 38.2% Fibo of the daily bearish impulse is eyed. 
• The US dollar has moved into consolidation and the Fed is on the agenda. 

AUD/USD is moving into a phase of consolidation following the volatility in forex this week and a rampant US dollar that reached a 20-year high on Thursday:

(DXY, H1 chart)

The US dollar could be in for some consolidation and a break of the trendline could result in a significant correction in the coming days. The Bank of Japan was the final nail in the coffin for markets and traders have now started to take profits off the table into the weekend and end of the month. The next catalyst will likely be the Federal Reserve so there could be some calm before the storm and relief for the high beta AUD. 

The following illustrates the prospect of a significant correction if not some time above water for the bulls taking into account the market structure on the daily chart and the Fibonacci scale:

AUD/USD daily chart

As seen, the price is in a demand zone and this is resulting in a phase of accumulation that could see the price recent back to test prior lows in the coming days. 

AUD/USD H1 chart

From an hourly perspective, the schematic will be monitored by the bulls for a bullish structure from which an optimal entry to target higher could present itself in the coming seasons: