AUD/USD Daily Analysis
Intraday bias in AUD/USD stays mildly on the upside for the moment. Rebound from 0.6828 short-term bottoms would target 55 days EMA (now at 0.7180). Break there will target 0.7265 resistance next. On the downside, though, a break of 0.6948 will resume a larger fall from 0.8006 through 0.6828 low, and target 0.6756/60 medium-term Fibonacci level next.
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 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 already in a medium-term downtrend.
