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AUD/USD extends rebound, with upside targets near 0.7026 and 0.7183

The outlook stays bullish while 55 W EMA near 0.6855 holds, with downside turning neutral if AUD/USD falls back below 0.7020.

Reported · Written up by our desk · Major Pairs

AUD/USD extended its rebound after rising from 0.6864, despite a brief setback, and the near-term bias remains on the upside, Action Forex said in its weekly update.

The report projects a 100% move from 0.6921 to 0.7026, and it flags that a firm break could accelerate gains toward a 161.8% projection at 0.7183.

On the downside, Action Forex said that a drop below 0.7020 would first turn intraday bias neutral, and it also pointed to a broader correction framework tied to the move from the medium-term top at 0.7277 and the 0.5913 level.

In the bigger picture, the rebound is described as part of a larger pattern, with the report saying deeper declines should be contained by a 38.2% retracement range at 0.6756, and that the longer-term rise back toward 0.8006 depends on price holding above the 55 W EMA near 0.6855.

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