AUD/USD Daily Analysis
Intraday bias in AUD/USD remains neutral as consolidation from the 0.6949 temporary top extends. Outlook will stay bullish as long as 0.6721 support holds. A break of 0.6949 will resume a more significant rise from 0.6169 to 61.8% projection of 0.6169 to 0.6892 from 0.6721 at 0.7444 next. However, a firm break of 0.6721 will indicate a near-term reversal and turn the bias back to the downside.
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 0.6871. 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.
