Daily Pivots: (S1) 0.6862; (P) 0.6876; (R1) 0.6894; More…
For now, with 0.6807 minor support intact, further rise is still in favor in AUD/USD. Break of 0.6910 support turned resistance will target 0.7802 key resistance next. On the downside, below 0.6807 minor support will turn intraday bias back to the downside for retesting 0.6677 low.
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.
