Intraday bias in AUD/USD is turned neutral first with current recovery. Rebound from 0.6893 could have completed at 0.7067. Below 0.6952 will target a retest on 0.6893 low. However, break of 0.7067 will extend the rebound to 61.8% retracement of 0.7237 to 0.6893 at 0.7106.
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.
