AUD/USD's intraday bias stays neutral, with a bearish MACD divergence pointing to a possible short-term top near 0.7207. A break below 0.7136 would open a deeper slide toward 0.7076, while the broader uptrend from 0.5913 still points toward an eventual test of 0.8006.
AUD/USD's intraday bias remains neutral for now. Bearish divergence in the four-hour MACD suggests a short-term top could be forming at 0.7207, ActionForex says.
A break of 0.7136 would bring a deeper fall back to the 38.2% retracement of the 0.6864-to-0.7207 range at 0.7076 first. On the upside, however, a move above 0.7207 would target a retest of the 0.7277 high.
In the bigger picture, price action from the 0.7277 medium-term top is seen as a corrective pattern within the rise from 0.5913 only. Another fall cannot be ruled out, but downside should be contained by the 38.2% retracement of the 0.5913-to-0.7277 range at 0.6756, which would bring a rebound.
Therefore, consolidation below the 0.7277 high should continue for a while before an eventual upside breakout. A firm break of 0.7277 would then target 0.8006, the 2021 high.
Source: ActionForex
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