Daily Pivots: (S1) 0.6734; (P) 0.6750; (R1) 0.6776; More…
AUD/USD’s rebound from 0.6670 resumed by taking out 0.6180 and hits as high as 0.6833 so far. Intraday bias is back on the upside for further rally. But still, such rebound is seen as a corrective move. Hence, upside should be limited by 0.6894 resistance to bring down trend resumption. On the downside, break of 0.6723 minor support will turn bias back to the downside for retesting 0.6670 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.
