Intraday bias in AUD/USD stays neutral at this point. On the downside, firm break of 0.6964 support will indicate rejection by 38.2% retracement of 0.7277 to 0.6864 at 0.7022. Deeper fall should be seen to retest 0.6864 low. Meanwhile, sustained break of 0.7022 will suggest that fall from 0.7277 has completed and 0.6864, and target 61.8% retracement at 0.7119 next.
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.
