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AUD/USD holds an upside bias toward 0.7277

Analysts note a break above 0.7277 would suggest the larger uptrend is resuming, with 0.8006 cited as a later target.

Reported · Written up by our desk · Major Pairs

Action Forex says AUD/USD’s rally is continuing, with the intraday outlook remaining bullish as the pair looks to retest the 0.7277 level.

The outlet adds that a decisive break above 0.7277 would confirm a larger uptrend resumption, while a move below 0.7172 would first turn the intraday bias neutral.

Action Forex further flags that additional upside is expected as long as 0.7120 support holds on any pullback.

In the broader view, the report describes the price action from a 0.7277 medium term top as developing into a corrective pattern for a rise from 0.5913, with a break above 0.7277 targeting 0.8006.

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