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AUD/USD resumes its decline after breaking below 0.7074

The downside bias remains as long as 0.7139 resistance holds, with support cited around 0.6756 based on a 38.2% retracement level.

Reported · Written up by our desk · Major Pairs

AUD/USD has resumed its decline after breaking through 0.7074, following a prior drop from 0.7237, according to Action Forex.

The outlet said the intraday outlook is back on the downside for the 61.8% retracement of 0.6864 to 0.7237, pinpointed near 0.7006, and added that risk stays negative while 0.7139 resistance holds if price attempts to recover.

In the bigger picture, Action Forex described the move from 0.7277 as part of a corrective pattern rising from 0.5913, while noting that another fall cannot be ruled out. It projected that downside could be contained around 0.6756, a level tied to a 38.2% retracement of 0.5913 to 0.7277.

The analysis also said consolidations could persist below 0.7277 before a later upside breakout, and that a firm break of 0.7277 would target 0.8006, referencing the 2021 high.

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