AUD/USD Daily Analysis
The AUD/USD temporarily broke through the 4-hour 55 EMA, but quickly retreated. Currently, the intraday bias is neutral. If the 0.6854 support level is breached, the corrective decline from 0.7156 is expected to resume, reaching the 38.2% retracement of the range between 0.6169 and 0.7156 at 0.6779. Conversely, a break above the minor resistance at 0.7010 could lead to a retest of the 0.7156 high.
In the larger context, the corrective decline from the 2021 high of 0.8006 should have ended with a three-wave move down to the 2022 low of 0.6169. Further upward movement is expected to the 61.8% retracement level of 0.7304. A sustained break above that level would pave the way for a retest of the 0.8006 high. This remains the favored scenario as long as the 0.6721 support level holds.
