AUD/USD Daily Analysis
Range trading continues in AUD/USD and intraday bias remains neutral for the moment. On the downside, a firm break of 0.6828 support will resume a larger fall from 0.8006. The next target is 0.6756/60 cluster support. However, a firm break of 0.7282 will be a sign of bullish reversal and bring a stronger rebound to 0.7666 resistance.
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 still 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.
