AUD/USD’s fall from 0.7237 resumed by breaking through 0.7003 temporary low. Intraday bias is back on the downside. Fall from 0.7237 is seen as the third leg of the corrective pattern from 0.7277. Next target is 0.6864 support or further to 100% projection 0f 0.7277 to 0.6864 from 0.7237 at 0.6824. On the upside above 0.7041 minor resistance will turn bias neutral first.
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).
