Daily Pivots: (S1) 0.6712; (P) 0.6732; (R1) 0.6763; More…
AUD/USD recovered after drawing support from 0.6677 low. Intraday bias is back on the upside for recovery to 55 day EMA (now at 0.6815). But upside should be limited by 0.6894 resistance to bring down trend resumption. On the downside, firm break of 0.66770/7 support zone will resume medium term down trend.
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.
