Daily Pivots: (S1) 0.6874; (P) 0.6904; (R1) 0.6921; More…
AUD/USD falls to as low as 0.6879 so far today and intraday bias stays on the downside. Now that 100% projection of 0.7295 to 0.7003 from 0.7205 at 0.6913 was taken out, next target is 161.8% projection at 0.6733, which is close to 0.6722 low. On the upside, above 0.6923 minor resistance will turn intraday bias neutral and bring consolidation. But recovery should be limited by 0.6988/7069 resistance zone to bring fall resumption.
In the bigger picture, with 0.7393 key resistance intact, medium term outlook remains bearish. The decline from 0.8135 (2018 high) is seen as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.
