Daily Pivots: (S1) 0.6779; (P) 0.6802; (R1) 0.6843; More…
AUD/USD’s strong rebound and break of 0.6834 resistance suggests that pull back from 0.6929 has completed at 0.6754, on bullish convergence condition in 4 hour MACD. Intraday bias is now mildly on the upside for retesting 0.6929 resistance first. Break there will resume the rebound from 0.6670 and target 100% projection of 0.6670 to 0.6929 from 0.6754 at 0.7013. On the downside, break of 0.6754 will resume the fall form 0.6929 to retest 0.6670 low.
In the bigger picture, with 0.7082 resistance intact, there is no clear confirmation of trend reversal yet. That is, down trend from 0.8135 (2018 high) is still expect to continue to 0.6008 (2008 low). However, decisive break of 0.7082 will confirm medium term bottoming and bring stronger rally back to 55 month EMA (now at 0.7525).
