Daily Pivots: (S1) 0.6879; (P) 0.6896; (R1) 0.6924; More…
AUD/USD’s breach of 0.6929 resistance suggests resumption of whole rise form 0.6670. Intraday bias stays on the upside for 100% projection of 0.6670 to 0.6929 from 0.6754 at 0.7013 next. On the downside, below 0.6878 minor support will turn intraday bias neutral first. But risk will stays on the upside as long as 0.6800 support holds.
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).
