Daily Pivots: (S1) 0.6925; (P) 0.6942; (R1) 0.6958; More…
AUD/USD’s decline from 0.7031 accelerates to as low as 0.6863 so far. Current development argues that corrective rise from 0.6670 has completed with three waves up to 0.7031. Intraday bias stays on the downside at this point. Break of 0.6838 will affirm this bearish case and target 0.6754 structural support for confirmation. On the upside, above 0.6930 minor resistance will dampen this case and turn bias to the upside for retesting 0.7031 resistance.
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).
