Daily Pivots: (S1) 0.6795; (P) 0.6813; (R1) 0.6831; More…
AUD/USD’s rebound from 0.6677 resumed by breaking 0.6822 resistance and hits as high as 06847 so far. Intraday bias is back on the upside for 0.6910 resistance next. Break will target 0.7082 key structure resistance. On the downside, though, break of 0.6807 minor support will turn bias back to the downside for retesting 0.6677 low instead.
In the bigger picture, decline from 0.8135 (2018 high) is seen as resuming the long term down trend from 1.1079 (2011 high). Next target is 0.6008 (2008 low). On the upside, break of 0.7082 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish even in case of strong rebound.
