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AUD/USD trades in neutral range, risk of renewed downside
The view turns bearish on a break below 0.6864, opening targets at 0.6832 and 0.6756.
Action Forex said the intraday outlook for AUD/USD is neutral, with price consolidations potentially continuing above 0.6864.
The outlet added that further declines are expected as long as 0.6977 support has turned into resistance. If AUD/USD falls below 0.6864, it looks to target 0.6832, with a firmer break pointing to 0.6756.
Action Forex also laid out a rebound scenario: a sustained break of 0.6977 would weaken the downside case and instead aim for the 0.7087 resistance level.
On the bigger picture, it cited bearish divergence in the D MACD, suggesting a potential medium-term top at 0.7277 after failing to hold above 0.7206, alongside possible correction levels tied to retracement bands.