AUD/USD Daily Analysis
Intraday bias in AUD/USD remains neutral as consolidation from 0.7282 is extending. The further rise will remain in favor as long as 0.7034 support holds. Current development raised the chance that the whole fall corrective fall from 0.8005 has been completed at 0.6828. Above 0.7282 will extend the rebound to 0.7660 resistance for confirmation. However, the break of 0.7034 will dampen this bullish view and bring a retest of 0.6828 low instead.
In the bigger picture, price actions from 0.8006 are seen as a corrective pattern to rise from 0.5506 (2020 low). A deeper fall could be seen to 50% retracement of 0.5506 to 0.8006 at 0.6756. This coincides with 100% projection of 0.8006 to 0.7105 from 0.7660 at 0.6760. Strong support is expected from the 0.6756/60 cluster to contain the downside to complete the correction. Meanwhile, a firm break of 0.7660 resistance will confirm that such a corrective pattern has been completed, and the larger up trend is ready to resume.
