Forex market analysis shows bearish bias for AUD/USD

Technical analysis indicates a downward intraday bias for the AUD/USD pair. Following a fall from 0.7237, the currency pair is targeting support levels at 0.6864 or potentially 0.6824. On the upside, resistance is noted at 0.7041, above which the bias may become neutral. In the long term, price action is viewed as a corrective pattern following a medium-term top at 0.7277, with potential downside support at 0.6756.

Regarding the AUD/NZD pair, market commentary suggests the pair could rise toward its pivot point of 1.23649 before potentially reversing toward the first support level at 1.22792, which aligns with a 38.2% Fibonacci retracement. Resistance for the pair is identified at 1.24791.