Intraday bias in AUD/USD remains on the downside. Current fall from 0.7237 should target 100% projection of 0.7237 to 0.6893 from 0.7067 at 0.6723. For now, risk will remain on the downside as long as 0.6930 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. 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.
