AUD/USD’s fall from 0.7237 resumed by breaking through 0.7074. Intraday bias is back on the downside for 61.8% retracement of 0.6864 to 0.7237 a 0.7006. For now, risk will stay on the downside as long as 0.7139 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. 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).
