AUD/USD holds a neutral intraday bias after rebounding from 0.6893. The rebound could have completed at 0.7067, while a longer-term pattern points to consolidation below 0.7277.
Intraday bias in AUD/USD remains neutral, according to ActionForex. The rebound from 0.6893 could have completed at 0.7067.
A move below 0.6952 would target a retest of the 0.6893 low. However, a break of 0.7067 would extend the rebound to 0.7106, the 61.8% retracement of 0.7237 to 0.6893.
In the bigger picture, ActionForex reads the price action from the 0.7277 medium term top as developing into a corrective pattern to rise from 0.5913. A deeper pullback cannot be ruled out, but downside should be contained by the 38.2% retracement of 0.5913 to 0.7277 at 0.6756.
Consolidations would continue below 0.7277 for a while before an eventual upside breakout. A sustained break of 0.6756, however, would raise the chance of a larger bearish reversal.
Source: ActionForex
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