AUD/USD Daily Analysis
Intraday bias in AUD/USD has turned neutral again with a loss of downside momentum. Still, further decline is expected as long as 0.7342 support turned resistance holds. Current development argues that a larger correction from 0.8006 is in its third leg. Below 0.7054 will target a retest on 0.6966 low first.
In the bigger picture, price actions from 0.8006 are seen as a corrective pattern to rise from 0.5506 (2020 low). A break of 0.7164 will suggest that such correction is still in progress, with a fall from 0.7660 as the third leg. Next target will be 50% retracement of 0.5506 to 0.8006 at 0.6756. On the upside, break of 0.7660 will revive that case that the correction has already completed at 0.6966.
