Intraday bias in AUD/USD is turned neutral first with current retreat. On the upside, above 0.7049 will extend the rebound from 0.6864 to 100% projection of 0.6864 to 0.7026 from 0.6921 at 0.7083. However, firm break of 0.6921 will argue that the rebound has completed and bring retest of 0.6864 low.
In the bigger picture, price action from 0.7277 medium term top is seen as developing into a correction to rise from 0.5913 only. While deeper decline 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.
