Intraday bias in AUD/USD remains neutral for consolidations above 0.6903. Further decline is expected as long as 0.7038 resistance holds. Below 0.6903 will target 0.6864 support or further to 100% projection 0f 0.7277 to 0.6864 from 0.7237 at 0.6824.
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 deeper pullback 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. However, sustained break of 0.6756 will raise the chance of larger bearish reversal.
