Daily Pivots: (S1) 0.6942; (P) 0.6962; (R1) 0.6998; More…
Focus is now on 0.6988 support turned resistance in AUD/USD. Sustained break there will confirm short term bottoming at 0.6864. More importantly, the decline from 0.7295 could have completed with three waves down to 0.6864 too. Further rise should then be seen back to 0.7205 resistance next. On the downside, though, break of 0.6938 minor support will turn bias back to the downside for 0.6864 low instead.
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.
