AUD/USD’s break of 0.7076 support turned resistance argues that fall from 0.7277 might have completed as as three wave correction at 0.6977. Intraday bias is back on the upside for 0.7200 resistance. On the downside, though, break of 0.6977 will resume the fall towards 0.6832 support.
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.
