AUD/USD’s rebound from 0.6864 resumed by breaking through 0.7049 temporary top. Intraday bias is back on the upside for 100% projection of 0.6864 to 0.7026 from 0.6921 at 0.7083. Firm break there could prompt upside acceleration to 161.8% projection at 0.7183. On the downside, however, break of 0.6894 will turn bias back to the downside back to 0.6921 support instead.
In the bigger picture, price action from 0.7277 medium term top is seen as developing into a correction to rise from 0.5913 only. While deeper decline cannot be ruled out, downside should be contained by 38.2% retracement of 0.5913 to 0.7277 at 0.6756 to bring rebound. Consolidations would continue below 0.7277 for a while, before an eventual upside breakout.
