Daily Pivots: (S1) 0.6596; (P) 0.6617; (R1) 0.6649; More….
AUD/USD dipped to 0.6581 in early trading but quickly recovered. Intraday bias stays neutral first. Some more consolidation could be seen. But upside of recovery should be limited well below 0.6750 resistance to bring fall resumption. On the downside, firm break of 0.6581 will resume recent decline.
In the bigger picture, AUD/USD’s decline from 0.8135 (2018 high) is still in progress. It’s part of the larger down trend from 1.1079 (2011 high). Rejection by 55 week EMA affirms medium term bearishness. Next target is 0.6008 (2008 low). Outlook will stay bearish as long as 0.7031 resistance holds, even in case of strong rebound.
