Further rise is expected in AUD/USD as long as 0.7037 support holds. Sustained break of 100% projection of 0.6864 to 0.7026 from 0.6921 at 0.7083 could prompt upside acceleration to 161.8% projection at 0.7183. On the downside, below 0.7037 minor support will turn bias back to the downside for 0.6921 instead.
In the bigger picture, price action from 0.7277 medium term top is seen as developing into a correction to rise from 0.5913 only. While deeper decline cannot be ruled out, downside should be contained by 38.2% retracement of 0.5913 to 0.7277 at 0.6756 to bring rebound. Consolidations would continue below 0.7277 for a while, before an eventual upside breakout.
SOURCE LINK : https://www.actionforex.com/technical-outlook/audusd-outlook/650639-aud-usd-daily-report-1727/
