AUD/USD recovered mildly after hitting 61.8% retracement of 0.6864 to 0.7237 at 0.7006. But still, further decline is expected as long as 0.7074 support turned resistance holds. Sustained trading below 0.7006 will target 0.6864 support next.
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. 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).
