AUD/USD’s fall break of 0.6948 minor support suggests that corrective bounce from 0.6903 has already completed at 0.7012. Intraday bias is back on the downside for 0.6903 first. Break there will target 0.6864, and then 100% projection of 0.7277 to 0.6864 from 0.7237 at 0.6824. Risk will now remain on the downside as long as 0.7012 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. While deeper pullback 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. However, sustained break of 0.6756 will raise the chance of larger bearish reversal.
