Immediate focus is now on 38.2% retracement of 0.7277 to 0.6864 at 0.7022. Decisive break there will suggest that fall from 0.7277 has completed and 0.6864, and target 61.8% retracement at 0.7119 next. Nevertheless, rejection by 0.7022 will maintain near term bearishness. Break of 0.6964 will bring retest of 0.6864 low.
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/647990-aud-usd-daily-report-1709/
