Outlook in AUD/USD is unchanged and intraday bias stays 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.
