Daily Pivots: (S1) 0.6584; (P) 0.6604; (R1) 0.6620; More….
AUD/USD’s down trend resumes after brief consolidation, taking out 0.6581 temporary and hits as low as 0.6569 so far. Intraday bias is back on the downside. Next near term target is 100% projection of 0.6933 to 0.6662 from 0.6750 at 0.6479. On the upside, above 0.6638 minor resistance will turn intraday bias neutral and bring consolidations again, before staging another 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.
