The AUD/USD pair experienced a rebound following a dip to 0.7074, prompting a shift to a neutral intraday bias. Should selling pressure persist below the 38.2% Fibonacci retracement of the 0.6864 to 0.7237 range at 0.7095, the pair may target the 61.8% retracement level at 0.7006. Conversely, a decisive break above 0.7139 would shift the bias back to the upside, signaling a more robust recovery.
From a broader perspective, the price action originating from the 0.7277 medium-term peak appears to be forming a corrective pattern following the advance from 0.5913. Although another decline remains possible, downside risks are likely capped by the 38.2% retracement of the 0.5913 to 0.7277 move at 0.6756, which should underpin a subsequent rebound. Consolidation below the 0.7277 level is expected to persist for some time before an eventual upward breakout occurs. A firm break above 0.7277 would direct the pair toward the 0.8006 target (the 2021 high).
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