Daily Pivots: (S1) 0.6523; (P) 0.6565; (R1) 0.6587; More….
Intraday bias in AUD/USD remains on the downside for the moment. Current down trend should target 100% projection of 0.6933 to 0.6662 from 0.6750 at 0.6479 next. On the upside, above 0.6607 minor resistance will turn intraday bias neutral and bring consolidations again, before staging another 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.
