AUD/USD Daily Analysis
Intraday bias in AUD/USD stays on the upside at this point. The current rally should target a 61.8% projection of 0.6169 to 0.6892 from 0.6721 at 0.7444. On the downside, a break of 0.6875 minor support will neutralize intraday bias and bring consolidations again. But the overall outlook will stay bullish as long as 0.6721 support holds in case of a retreat.
In the bigger picture, the corrective decline from 0.8006 (2021 high) should have been completed with three waves down to 0.6169 (2022 low). The further rally should be seen to a 61.8% retracement of 0.8006 to 0.6169 at 0.7304. A sustained break there will pave the way to retest 0.8006. This will now remain the favored case as long as 0.6721 support holds.
