Daily Pivots: (S1) 0.6696; (P) 0.6726; (R1) 0.6751; More…
Intraday bias in AUD/USD remains on the downside at this point. Further decline should be seen to retest 0.6670 low next. On the upside, above 0.6777 minor resistance will turn intraday bias neutral first. But recovery should be limited below 0.6849 support turned resistance to bring another fall.
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).
