AUD/USD’s rally from 0.6864 accelerated through 100% projection of 0.6864 to 0.7026 from 0.6921 at 0.7083. Intraday bias remains on the upside for 161.8% projection of 0.6864 to 0.7026 from 0.6921 at 0.7183. On the downside, below 0.7078 minor support will turn intraday bias neutral.
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.
