Break of 0.7172 support indicates short term topping in AUD/USD, on bearish divergence condition in 4H MACD. Intraday bias is back on the downside for 0.7120 support first. Break there will target 38.2% retracement of 0.6864 to 0.7237 at 0.7095. For now, risk will stay mildly on the downside as long as 0.7237 resistance holds, in case of recovery.
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).
