Risk remains on the downside in AUD/USD with 0.7026 resistance intact, and retest of 0.6864 low should be seen next. Corrective rebound from 0.6864 should have completed at 0.7026, after rejection at 55 D EMA. Firm break of 0.6864 will resume the whole decline from 0.7277 to 61.8% projection of 0.7277 to 0.6864 from 0.7026 at 0.6771.
In the bigger picture, considering bearish divergence condition in D MACD, a medium term top could be formed at 0.7277 after failing to sustain above 61.8% retracement of 0.8006 (2021 high) to 0.5913 (2024 low) at 0.7206. Deeper fall could be seen to 38.2% retracement of 0.5913 to 0.7277 at 0.6756 as a correction. But strong support should be seen there to bring rebound. Consolidations would continue below 0.7277 for a while.
SOURCE LINK : https://www.actionforex.com/technical-outlook/audusd-outlook/648935-aud-usd-daily-report-1716/
