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AUD/USD outlook stays neutral as traders watch key support levels
Action Forex highlights 0.6964 and 0.7022 as pivotal levels, with a break of 0.7022 pointing to a completed decline and a retest toward 0.7119.
ActionForex says the intraday bias for AUD/USD remains neutral, but the next move depends on whether key support holds or breaks.
On the downside, a firm break of 0.6964 support would signal rejection linked to the 38.2% retracement zone, with a deeper drop expected to revisit the 0.6864 low.
If AUD/USD instead sustains above 0.7022, ActionForex notes this would suggest the move down from 0.7277 has finished, targeting the 61.8% retracement at 0.7119 next.
In the bigger picture, the outlet points to bearish divergence in D MACD and says a medium term top could have formed at 0.7277 after failing to hold above a 0.7206 level tied to the 61.8% retracement of the 0.8006 to 0.5913 range. It also cites a potential deeper correction toward the 38.2% retracement at 0.6756, where strong support could bring a rebound.