Intraday bias in AUD/USD is turned neutral first with current retreat. Outlook will remain mildly bullish as long as 0.7076 support holds. Firm break of 0.7277 will resume larger up trend. However, sustained break of 0.7076 will bring deeper fall back towards 0.6832 support instead.
In the bigger picture, rise from 0.5913 (2024 low) is still in progress. Decisive break of 61.8% retracement of 0.8006 to 0.5913 at 0.7206 will solidify the case that it’s already reversing the down trend from 0.8006 (2021 high). Further rally should then be seen to retest 0.8006. For now, outlook will remain bullish as long as 0.6832 support holds, in case of pullback.
