Daily Pivots: (S1) 0.6735; (P) 0.6770; (R1) 0.6791; More…
A temporary low is formed at 0.6748 in AUD/USD with 4 hour MACD crossed above signal line. Intraday bias is turned neutral for some consolidations. Upside of recovery should be limited by 0.6899 minor resistance to bring fall resumption. On the downside break of 0.6748 will target 0.6722 low first. Break will target 100% projections of 0.7295 to 0.6831 from 0.7082 at 0.6618 next.
In the bigger picture, medium term outlook remains bearish. . The decline from 0.8135 (2018 high) is seen as resuming the long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume target 0.6008 (2008 low). However, firm break of 0.7295 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.
