AUD/USD’s fall from 0.7277 continues today and intraday bias remains on the downside for 100% projection of 0.7277 to 0.7076 from 0.7200 at 0.6999. Firm break there will target 161.8% projection at 0.6875. Near term risk will stay on the downside as long as 0.7200 resistance holds, in case of recovery.
In the bigger picture, considering bearish divergence condition in D MACD, a medium term top could be formed at 0.7277 after failing to sustain above 61.8% retracement o f0.8006 (2021 high) to 0.5913 (2024 low) at 0.7206). Deeper fall could be seen to 38.2% retracement of 5913 to 0.7277 at 0.6756 as a correction. But strong support should be seen there to bring rebound. Consolidations would continue below 0.7277 for a while.
