Daily Pivots: (S1) 0.6759; (P) 0.6769; (R1) 0.6778; More…
Intraday bias in AUD/USD remains mildly on the downside as fall from 0.6929 is in progress. Deeper decline should be seen to retest 0.6670 low. On the upside, above 0.6803 minor resistance will turn intraday bias neutral and bring recovery. But recovery should be limited well below 0.6929 resistance.
In the bigger picture, with 0.7082 resistance intact, there is no clear confirmation of trend reversal yet. That is, 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 back to 55 month EMA (now at 0.7529).
