Daily Pivots: (S1) 0.6810; (P) 0.6834; (R1) 0.6849; More…
Intraday bias in AUD/USD remains on the downside at this point and outlook is unchanged. Corrective rebound from 0.6670 could have completed with three waves up to 0.7031. Break of 0.6754 support will confirm this bearish case and target a retest of 0.6670 low. On the upside, above 0.6829 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 0.6933 resistance 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 0.7484).
