Daily Pivots: (S1) 0.6030; (P) 0.6168; (R1) 0.6258; More…
Further decline is expected in AUD/USD at this point. But there might be some support between 0.6008 key support and 100% projection of 0.7031 to 0.6433 from 0.6684 at 0.6086 to bring recovery. On the upside, above 0.6186 minor resistance will turn intraday bias neutral and bring consolidations first. But upside should be limited by 0.6433/6884 resistance zone to bring fall 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). Prior rejection by 55 week EMA affirms medium term bearishness. Next target is 0.6008 (2008 low). Break will target 0.5507 long term fibonacci projection level. Outlook will stay bearish as long as 0.7031 resistance holds, even in case of strong rebound.
