AUD/USD Daily Analysis
Intraday bias in AUD/USD remains mildly on the upside as a rebound from 0.6698 is in progress. Sustained break of 55-day EMA (now at 0.6915). Sustained break there will target 0.7135 resistance next. On the downside, below 0.6823 minor support will turn intraday bias neutral first. Further break of 0.6680 low will resume larger down trend.
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 also be a bearish impulsive move. In either case, the outlook will remain bearish as long as the 0.7135 resistance holds. Next target is 61.8% retracement of 0.5506 to 0.8006 at 0.6461.
