Intraday bias in AUD/USD remains mildly on the upside as current rally continue to retest 0.7277 high. Decisive break there will confirm larger up trend resumption. However, considering bearish divergence condition in 4H MACD, break of 0.7172 will indicate short term topping, and turn bias to the downside for 0.7120 support instead.
In the bigger picture, price action from 0.7277 medium term top is seen as developing into a corrective pattern to rise from 0.5913 only. While another fall 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. Firm break of 0.7277 will target 0.8006 (2021 high).
