Daily Pivots: (S1) 0.6685; (P) 0.6711; (R1) 0.6740; More….
AUD/USD’s recovery from 0.6662 extends higher today but stays below 0.6774 resistance so far. Intraday bias remains neutral and further decline is expected. On the downside, decisive break of 0.6670 low would confirm larger down trend resumption. However, on the upside, break of 0.6774 resistance will indicate short term bottoming and bring stronger rebound.
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.
