Daily Pivots: (S1) 0.6864; (P) 0.6887; (R1) 0.6924; More…
AUD/USD’s recovery from 0.6849 extends higher today but stays below 0.6930 resistance. Intraday bias stays neutral and another decline is still expected. Corrective rebound from 0.6670 could have completed with three waves up to 0.7031. Below 0.6849 will target 0.6754 support to confirm this bearish case. However, break of 0.6930 will turn focus back to 0.7031 resistance instead.
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 0.7487).
