AUD/USD’s fall from 0.7277 resumed by breaking through 0.6977 and intraday bias is back on the downside. Further decline should be seen to 0.6832 support next. For now, risk will stay on the downside as long as 0.7087 resistance holds, in case of recovery.
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/644879-aud-usd-daily-report-1689/
