AUD/USD Daily Analysis
The intraday bias for AUD/USD is currently downward. A pullback from the 0.7156 short-term high is likely to target the 55-day EMA at 0.6863, and potentially lower levels. However, downside movement should be limited by the 38.2% retracement at 0.6779, bringing a potential rebound. A break above 0.6994 minor resistance would first make the bias neutral. In the near term, the corrective pattern from 0.7156 is expected to continue.
In the bigger picture, the corrective decline from 0.8006 is seen as having ended with a three-wave drop to 0.6169. The next move should be an upward rally to the 61.8% retracement at 0.7304. A sustained break above this level would clear the way for a retest of 0.8006. This remains the favored scenario as long as 0.6721 support holds.
