Daily Pivots: (S1) 0.6817; (P) 0.6832; (R1) 0.6852; More…
AUD/USD recovered notably after drawing support form 0.6810. But upside is held well below 0.6882. Intraday bias remains neutral and outlook is unchanged. In any case, outlook will stay bearish as long as 0.6894 resistance holds and larger down trend is expected to resume sooner or later. On the downside, break of 0.6810 should confirm completion of corrective rise from 0.6670. Intraday bias will be turned back to the downside for 0.6723 first. Break will bring retest of 0.6677 low. However, firm break of 0.6894 will dampen our bearish view and turn focus back to 0.7082 key resistance.
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.
