Daily Pivots: (S1) 0.6706; (P) 0.6721; (R1) 0.6732; More…

AUD/USD is still bounded in consolidation from 0.6677 and intraday bias remains neutral. On the downside, break of 0.6677 will resume larger down trend to 100% projections of 0.7295 to 0.6831 from 0.7082 at 0.6618. On the upside, above 0.6822 will bring stronger rebound instead.

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In the bigger picture, decline from 0.8135 (2018 high) is seen as resuming the long term down trend from 1.1079 (2011 high). Firm break of 0.6826 (2016 low) should confirm this bearish view. Further fall should be seen to 0.6008 (2008 low) next. On the upside, break of 0.7082 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish even in case of strong rebound.

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