AUD/USD edged higher to 0.7282 last week but retreated sharply since then. Initial bias stays neutral this week first. On the downside, break of 0.7034 minor support will argue that rebound form 0.6828 has completed. Intraday bias will be back to the downside for retesting 0.6828 low. On the upside, above 0.7282 will resume the rise from 0.6828 towards 0.7660 resistance.
In the bigger picture, price actions from 0.8006 are seen as a corrective pattern to rise from 0.5506 (2020 low). Deeper fall could still be seen to 50% retracement of 0.5506 to 0.8006 at 0.6756. This coincides with 100% projection of 0.8006 to 0.7105 from 0.7660 at 0.6760. Strong support is expected from 0.6756/60 cluster to contain downside to complete the correction. Meanwhile, firm break of 0.7660 resistance will confirm that such corrective pattern has completed, and larger up trend is ready to resume.
In the longer term picture, focus remains on 0.8135 structural resistance. Decisive break there will argue that rise from 0.5506 is developing into a long term up trend that reverses whole down trend from 1.1079 (2011 high). However, rejection by 0.8135 will keep long term outlook neutral at best.
