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AUD/USD outlook turns bearish below 0.6903

The pair is expected to target 0.6864 if 0.6903 support breaks, with a deeper pullback possible if 0.6756 is sustained broken.

Reported · Written up by our desk · Major Pairs

Action Forex said the intraday bias for AUD/USD remains neutral, with consolidation possible above 0.6903.

The outlet added that further decline is expected as long as 0.7038 resistance holds, and that a move below 0.6903 would open the door to 0.6864 support or even the 0.6824 area based on a projection.

In the bigger picture, Action Forex described price action from a 0.7277 medium-term top as developing into a corrective pattern after a rise from 0.5913, with downside expected to be contained by a 38.2% retracement level at 0.6756 to support a rebound.

It also said consolidations could continue below 0.7277 before an eventual upside breakout, but that a sustained break of 0.6756 would increase the odds of a larger bearish reversal.

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