Intraday bias in AUD/USD remains mildly on the downside at this point. Break of 0.7120 support will extend the pullback from 0.7237 short term top to 38.2% retracement of 0.6864 to 0.7237 at 0.7095. For now, risk will stay mildly on the downside as long as 0.7237 resistance holds, in case of recovery.
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).
