Intraday bias in AUD/USD is turned neutral with current retreat, and some consolidations would be seen first. Further rally is expected as long as 0.7026 resistance turned support holds. Above 0.7128 will extend the rise from 0.6864 to 161.8% projection of 0.6864 to 0.7026 from 0.6921 at 0.7183.
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.
