AUD/USD’s rise from 0.6864 resumed by breaking through 0.7026 and intraday bias is back on the upside. Further rally should be seen to 100% projection of 0.6864 to 0.7026 from 0.6921 at 0.7083. On the downside, below 0.6988 minor support will turn intraday bias neutral again first.
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/649110-aud-usd-daily-report-1717/
