Daily Pivots: (S1) 0.6682; (P) 0.6694; (R1) 0.6705; More…
A temporary low is formed at 0.6678 in AUD/USD, just ahead of 0.6670 key support. Intraday bias is turned neutral for some consolidations. But upside of recovery should be limited by 0.6777 resistance to bring fall resumption. On the downside, decisive break of 0.6670 low will confirm resumption of larger down trend. Next target will be 0.6008 key support. Nevertheless, firm break of 0.6777 will indicate short term bottoming and extend the consolidation pattern form 0.6670 with another near term rise.
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). Next target is 0.6008 (2008 low). This will remain the favor case as long as 0.7031 resistance holds.
