Intraday bias in AUD/USD remains mildly on the downside. Fall from 0.7237 should target 38.2% retracement of 0.6864 to 0.7237 at 0.7095. Firm break there will target 61.8% retracement at 0.7006. On the upside, above 0.7186 minor resistance will bring retest of 0.7237 high instead.
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).
