Daily Pivots: (S1) 0.7000; (P) 0.7022; (R1) 0.7039; More…
AUD/USD lost momentum after hitting 0.7031 and 100% projection of 0.6670 to 0.6929 from 0.6754 at 0.7013. Intraday bias is turned neutral first. At this point, further rise is mildly in favor as long as 0.6938 resistance turned support holds. Break of 0.7031 will target 0.7082 key resistance. However, break of 0.6938 will be the first sign of near term reversal. In this case, intraday bias will be turned back to the downside for 0.6838 support next.
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).
