Daily Pivots: (S1) 0.6587; (P) 0.6604; (R1) 0.6620; More….
Intraday bias in AUD/USD remains neutral for consolidation above 1.6581 temporary low. Stronger recovery cannot be ruled out. But upside should be limited well below 0.6750 resistance to bring fall resumption. On the downside, firm break of 0.6581 will resume recent decline.
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.
