Daily Pivots: (S1) 0.6659; (P) 0.6684; (R1) 0.6702; More….
AUD/USD drops to as low as 0.6630 so far today and the break of 0.6662/70 support zone should confirm long term down trend resumption. Intraday bias is back on the downside. Next near term target will be 61.8% projection of 0.6933 to 0.6662 from 0.6750 at 0.6583, and then 100% projection at 0.6479. On the upside, break of 0.6750 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). Rejection by 55 week EMA affirms medium term bearishness. Next target is 0.6008 (2008 low). Outlook will stay bearish as long as 0.7031 resistance holds, even in case of strong rebound.
