Daily Pivots: (S1) 0.6829; (P) 0.6842; (R1) 0.6858; More…
A temporary low is formed at 0.6829 as AUD/USD recovered after drawing support from near term channel. Intraday bias is turned neutral first. Upside of recovery should be limited below 0.6933 resistance to bring fall resumption. We maintain the view that corrective rise from 0.6670 has completed at 0.7031. Below 0.6826 will turn bias to the downside for 0.6754 support to confirm this bearish case. However, break of 0.6933 will turn focus back to 0.7031 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 0.7484).
