Daily Pivots: (S1) 0.6030; (P) 0.6168; (R1) 0.6258; More…
AUD/USD’s fall extends to as low as 0.5981 so far today and breaches 0.6008 key support. We’d be cautious on recovery from this level. On the upside, break of 0.6186 minor resistance will turn bias back to the upside for rebound. However, sustained break of 0.6008 will pave the way to 161.8% projection of 0.7031 to 0.6433 from 0.6684 at 0.5716.
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. 0.6008 (2008 low) is already met. Sustained break will target 0.5507 long term fibonacci projection level. Outlook will stay bearish as long as 0.6670 support turned resistance holds, even in case of strong rebound.
