Daily Pivots: (S1) 0.6723; (P) 0.6749; (R1) 0.6788; More…
Intraday bias in AUD/USD is mildly on the upside as rebound from 0.6677 is extending higher. At this point, we’d continue to expect strong resistance from 0.6894 to limit upside to bring larger down trend resumption. On the downside, break of 0.6710 minor support will turn bias back to the downside for retesting 0.6670 low.
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.
