AUD/USD's consolidation pattern from 0.9504 continued is still in progress and intraday bias remains neutral. More corrective trading should be seen with risk of another fall. Below 0.9328 will target 0.9211 support and below In that case, downside should be contained by 38.2% retracement of 0.8659 to 0.9504 at 0.9181 and bring rebound. Meanwhile, above 0.9504 will extend the rise from 0.8659 to medium term fibonacci level of 0.9583.
In the bigger picture, price actions from 1.1079 are viewed as a medium term correction. Recent development argues that it's possibly finished at 0.8659 on bullish convergence condition in weekly MACD, ahead of 50% retracement of 0.6008 to 1.1079 at 0.8544. Rebound from there would extend higher to 38.2% retracement of 1.1079 to 0.8659 at 0.9583 first. Sustained break there will confirm this case and target 61.8% retracement at 1.0155 and above. However, break of 0.9080 near term support will dampen this bullish view and would likely extend the correction from 1.1079 to a new low.
http://www.actionforex.com/action-insight/audusd-outlook/aud%10usd-daily-outlook-20140730221284/
