AUD/USD Daily Report

AUD/USD intraday bias has returned to the upside following a decisive breakout above the 0.7179 temporary top. The current price advance signals a resumption of the broader rally originating from 0.6864, targeting a 200% Fibonacci projection of the 0.6864 to 0.7026 move measured from 0.6921, which sits at 0.7245. On the downside, minor support is identified at 0.7136, and a decline below this level would neutralize intraday momentum back to a neutral stance. From a larger technical perspective, price movements starting from the 0.7277 medium-term peak are viewed as a corrective phase within the macro uptrend that began at 0.5913. Even if deeper consolidation occurs, downside potential is anticipated to be cushioned by the 38.2% Fibonacci retracement of the 0.5913 to 0.7277 leg at 0.6756, setting the stage for an eventual continuation. A sustained breakout above 0.7277 would validate the long-term bullish trend and open the path toward the 2021 high at 0.8006.