Intraday bias in AUD/USD remains neutral for the moment. Considering bearish divergence condition in 4H MACD, a short term top could be formed at 0.7207. Break of 0.7136 will bring deeper fall back to 38.2% retracement of 0.6864 to 0.7207 at 0.7076 first. On the upside, above 0.7207 will target a retest on 0.7277 high.
In the bigger picture, price action from 0.7277 medium term top is seen as developing into a corrective pattern to rise from 0.5913 only. While another fall 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).
