Daily Pivots: (S1) 0.6951; (P) 0.6980; (R1) 0.6997; More…
AUD/USD retreated after hitting 0.7007 and intraday bias is turned neutral first. Further rise will remain in favor as long as 0.6938 resistance turned support holds. Above 0.7007 will extend the rebound from 0.6864 short term bottom to 0.7205 key resistance next. However, break of 0.6938 minor support will turn bias back to the downside for 0.6864 low instead.
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.
