Daily Pivots: (S1) 0.6955; (P) 0.6971; (R1) 0.7001; More…
Intraday bias in AUD/USD remains on the upside at this point. Current rise from 0.6670 should target 100% projection of 0.6670 to 0.6929 from 0.6754 at 0.7013. Break there will put 0.7082 key resistance in focus. On the downside, below 0.6946 minor support will turn intraday bias neutral first. But further rally will remain in favor as long as 0.6838 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 0.7506).
