AUDUSD Jan 28

AUD/USD’s fall from 0.7031 is still in progress and intraday bias remains on the downside. Sustained break of 0.6754 support will confirm our bearish view. That is, corrective rebound from 0.6670 has completed with three waves up to 0.7031. Retest of 0.6670 low should be seen next. On the upside, break of 0.6849 support turned resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.