Intraday bias in AUD/USD remains on the upside for the moment. Firm break of 161.8% projection of 0.6864 to 0.7026 from 0.6921 at 0.7183 will extend the rally from 0.6864 to retest 0.7277 high. On the downside, below 0.7128 minor support will turn bias neutral and bring consolidations again.
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. Firm break of 0.7277 will target 0.8006 (2021 high).
