AUD/USD Daily Analysis
AUD/USD’s break of 0.6966 low confirms the resumption of the whole corrective pattern from 0.8006. Intraday bias stays on the downside for 0.6756 medium-term Fibonacci level next. On the upside, above 0.7027 minor resistance will turn intraday bias neutral first. But near term outlook will stay bearish as long as the 0.7265 resistance holds.
In the bigger picture, price actions from 0.8006 are seen as a corrective pattern to rise from 0.5506 (2020 low) with a fall from 0.7660 as the third leg. Deeper falls should 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. However, a sustained break of 0.6756/60 would argue that AUD/USD is indeed in a medium-term downtrend.
