Daily Pivots: (S1) 0.6378; (P) 0.6532; (R1) 0.6739; More…
AUD/USD is staying in consolidation from 0.6433 and outlook is unchanged. Another rise could be seen to 55 day EMA (now at 0.6717) and above. But we’d expect strong resistance from 61.8% retracement of 0.7031 to 0.6433 at 0.6803 to limit upside. On the downside, decisive break of 0.6433 will confirm larger down trend resumption.
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.
