AUD/USD’s rally resumed by breaking through 0.7207 and intraday bias is back on the upside. Next target is a retest on 0.7277 high. For now, further rally is expected as long as 0.7120 support holds, in case of retreat.
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).
