AUD/USD Daily Analysis
Range trading continues in AUD/USD and intraday bias remains neutral. On the upside, the break of 0.7045 will resume the rebound from 0.6680 to 0.7282 key resistance next. On the downside, however, the break of 0.6858 minor support will argue that the rebound is over. Intraday bias will then be back on the downside for retesting 0.6680 low.
In the bigger picture, price actions from 0.8006 (2021 high) are seen more as a corrective pattern to rise from 0.5506 (2020 low). Or it could be a bearish impulsive move. In either case, the outlook will remain bearish as long as the 0.7282 resistance holds. Next target is 61.8% retracement of 0.5506 to 0.8006 at 0.6461.
