AUD/USD consolidating below $0.7242 marks, likely to fall further

• Pair is currently trading at $0.7102 levels.
   
• It made intraday high at 0.7128 and low at $0.7085 levels.
   
• Intraday bias remains downside for the moment.
   
• Corrective rebound from $0.6826 should have completed at $0.7242 already.
   
• Pair is likely to fall further for retesting $0.6826 low first.
   
• On the other side, a daily close above $0.7242 will bring another rise.
   
• Initial support levels are seen at $0.7009, $0.6912 and $0.6826 levels.
   
• On the top side, key resistance levels are seen at $0.7178, $0.7242 and $0.7384 levels.

We prefer to take short position in AUD/USD around $0.7120, stop loss $0.7242 and target $0.6912 levels.