Daily Pivots: (S1) 0.5946; (P) 0.5986; (R1) 0.6007; More…
AUD/USD’s decline accelerated to as low as 0.5506 so far today. There might be some support from 0.5507 long term projection level. But break of 0.6028 minor resistance is needed to indicate short term bottoming. Otherwise, further decline is still expected, for next target of 261.8% projection of 0.7031 to 0.6433 from 0.6684 at 0.5118.
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). 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, break of 0.6670 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish even in case of strong rebound.
