Daily Pivots: (S1) 0.6978; (P) 0.6992; (R1) 0.7008; More…
AUD/USD rises to as high as 0.7012 so far and intraday bias remains on the upside. Firm break of 100% projection of 0.6670 to 0.6929 from 0.6754 at 0.7013 will put 0.7082 key resistance in focus. On the downside, break of 0.6965 minor support should indicate short term topping. In that case, intraday bias will be turned back to the downside for 0.6838 support instead.
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).
