Daily Pivots: (S1) 0.6715; (P) 0.6732; (R1) 0.6742; More…

AUD/USD is staying in consolidation from 0.6677 and intraday bias remains neutral first. Recovery might extend but upside upside should be limited by 0.6894 resistance. On the downside, firm break of 0.6670/7 will confirm larger 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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