Daily Pivots: (S1) 0.7029; (P) 0.7053; (R1) 0.7100; More…
AUD/USD’s rebound from 0.6831 resumed by taking out 0.7047 and reaches as high as 0.7082 so far. Intraday bias is back on the upside for 61.8% retracement of 0.7295 to 0.6831 at 0.7118, and possibly to 100% projection of 0.6831 to 0.7047 from 0.6910 at 0.7126. Sustained break there will indicate solid upside momentum for 0.7205 resistance next. ON the downside, break of 0.6996 will suggest that the rebound has completed and turn bias to the downside for 0.6910 support 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.
