AUD/USD’s fall from 0.7277 resumed after brief consolidations and intraday bias is back on the downside. Firm break of 100% projection of 0.7277 to 0.7076 from 0.7200 at 0.699 will target 161.8% projection at 0.6875. On the upside, above 0.7076 support turned resistance will turn intraday bias neutral first.
In the bigger picture, considering bearish divergence condition in D MACD, a medium term top could be formed at 0.7277 after failing to sustain above 61.8% retracement of 0.8006 (2021 high) to 0.5913 (2024 low) at 0.7206). Deeper fall could be seen to 38.2% retracement of 5913 to 0.7277 at 0.6756 as a correction. But strong support should be seen there to bring rebound. Consolidations would continue below 0.7277 for a while.
