Daily Pivots: (S1) 0.6841; (P) 0.6856; (R1) 0.6880; More…

Outlook in AUD/USD remains unchanged. Intraday bias remains neutral with focus on 0.6807 minor support. Break will suggest that corrective recovery from 0.6677 has completed at 0.6894. Intraday bias will be turned to the downside for retesting 0.6677. Break will resume larger down trend. On the upside, above 0.6894 will resume the rebound. But upside should be limited below 0.7082 key resistance to bring down trend resumption.

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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). Next target is 0.6008 (2008 low). 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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