Daily Pivots: (S1) 0.6995; (P) 0.7009; (R1) 0.7031; More…
With 4 hour MACD crossed above signal line, a temporary top is in place at 0.6988 in AUD/USD. Intraday bias is turned neutral for consolidations first. Upside of recovery should be limited by 0.7081 minor resistance to bring another decline. on the downside, break of 0.6988 will extend the fall from 0.7295 to 100% projection of 0.7295 to 0.7003 from 0.7205 at 0.6913. Decisive break there will indicate further downside acceleration.
In the bigger picture, with 0.7393 key resistance intact, medium term outlook remains bearish. The decline from 0.8135 (2018 high) is seen as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.
