Daily Pivots: (S1) 0.6875; (P) 0.6902; (R1) 0.6922; More…
Intraday bias in AUD/USD remains on the upside at this point. Current rise from 0.6670 should target retesting 0.7082 key resistance next. On the downside, break of 0.6809 support is needed to signal completion of the rise. Otherwise, outlook will stay cautiously bearish in case of retreat.
In the bigger picture, the case of medium term bullish reversal is building up with bullish convergence condition in weekly MACD. But there is no clear confirmation yet. As long as 0.7082 resistance holds, larger down trend from 0.8135 (2018 high) is still expect to continue to 0.6008 (2008 low). However, decisive break of 0.7082 will confirm medium term bottoming and bring stronger rally.
