Daily Pivots: (S1) 0.6670; (P) 0.6700; (R1) 0.6717; More…
Intraday bias in AUD/USD remains on the downside for 0.6670 low. Decisive break there will confirm resumption of larger down trend. Next target will be 0.6008 key support. On the upside, break of 0.6777 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, AUD/USD’s decline from 0.8135 (2018 high) is still in progress. It’s part of the larger down trend from 1.1079 (2011 high). Next target is 0.6008 (2008 low). This will remain the favor case as long as 0.7031 resistance holds.
