AUD/USD recovers further as consolidations from 0.6864 continues. But upside is limited below 0.6977 support turned resistance. Intraday bias remains neutral, and further decline is in favor. Below 0.6864 will extend the fall from 0.7277 to 0.6832 support. Firm break there will target 0.6756 fibonacci level.
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 of 0.8006 (2021 high) to 0.5913 (2024 low) at 0.7206. Deeper fall could be seen to 38.2% retracement of 0.5913 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.
