Daily Pivots: (S1) 0.7075; (P) 0.7107; (R1) 0.7135; More…
AUD/USD’s decline accelerates to as low as 0.7027 so far. The strong break of 0.7052 support affirms the case of resumption of fall from 0.7295. Intraday bias remains on the downside for 0.7003 support first. Break will confirm and target 100% projection of 0.7295 to 0.7003 from 0.7205 at 0.6913. Decisive break there will indicate further downside acceleration. On the upside, above 0.7081 minor resistance will turn intraday bias neutral and bring consolidation, before staging another fall.
In the bigger picture, with 0.7393 key resistance intact, medium term outlook remains bearish. The decline from 0.8135 (2018 high) is seen as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.
