AUD/USD’s fall from 0.7237 continued and intraday bias stays on the downside. Sustained trading below 38.2% retracement of 0.6864 to 0.7237 at 0.7095 will target 61.8% retracement at 0.7006. On the upside, above 0.7139 minor resistance will turn intraday bias neutral again first.
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).
