Daily Pivots: (S1) 0.6745; (P) 0.6755; (R1) 0.6773; More…

A temporary low is formed at 0.6737 in AUD/USD and intraday bias is turned neutral first. Some consolidations would be seen but upside should be limited by 0.6849 support turned resistance to bring another decline. Corrective rebound from 0.6670 has completed with three waves up to 0.7031. Break of 0.6737 will pave the way to retest 0.6670 low. However, firm break of 0.6849 will dampen our bearish view and turn focus back to 0.7031 instead.

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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).

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