AUD/USD falls notably today but stays above 0.7076 support. Intraday bias stays neutral first. On the downside, a firm break of 0.7076 will resume the decline from 0.7277. The next target is the 100% projection of 0.7277 to 0.7076 from 0.7200 at 0.6999. On the upside, a move above 0.7200 will bring a stronger rebound back to retest the 0.7277 high.
Bigger Picture
Rise from 0.5913 (2024 low) is still in progress. A decisive break of the 61.8% retracement of 0.8006 to 0.5913 at 0.7206 will solidify the case that price is already reversing the downtrend from 0.8006 (2021 high). Further rally should then be seen to retest 0.8006. For now, the outlook will remain bullish as long as 0.6832 support holds in case of pullback.
