AUD/USD Daily Analysis
Range trading continues in AUD/USD and intraday bias remains neutral. Strong support could still be seen from 0.6756/60 cluster support to complete the whole correction from 0.8006, and bring a rebound. On the upside, above 0.6918 resistance will indicate short-term bottoming, and turn bias back to the upside for 0.7282 resistance. However, a sustained break of 0.6756/60 will carry a larger bearish implication and target the 0.6461 Fibonacci level next.
In the bigger picture, price actions from 0.8006 are seen as a corrective pattern to rise from 0.5506 (2020 low). Strong support is expected from 50% retracement of 0.5506 to 0.8006 at 0.6756 to complete the pattern. This coincides with 100% projection of 0.8006 to 0.7105 from 0.7660 at 0.6760. However, a firm break of 0.6756/60 will raise the chance of bearish reversal and target 61.8% retracement at 0.6461.
