AUD/USD Daily Analysis
The AUD/USD intraday bias is currently neutral. A break below 0.6854 would resume the correction from 0.7156 to the 38.2% retracement level of 0.6169 to 0.7156 at 0.6779. On the upside, a break of 0.7010 would shift the bias to the upside, with a retest of the 0.7156 high as the target.
In the bigger picture, the three-wave corrective decline from the 2021 high of 0.8006 to the 2022 low of 0.6169 should now be completed. A further rally is expected to reach the 61.8% retracement level of 0.8006 to 0.6169 at 0.7304. If this level is sustained, a retest of 0.8006 would be likely. However, this scenario is only favored if support at 0.6721 holds.
