Daily Pivots: (S1) 0.6600; (P) 0.6629; (R1) 0.6672; More…
AUD/USD’s recovery from 0.6433 should have completed at 0.6657, after failing 0.6662 cluster resistance (38.2% retracement from 0.7031 to 0.6433 at 0.6661). Intraday bias is back on the downside with focus on 0.6433 support. Sustained break there will confirm down trend resumption for next key support at 0.6008. In any case, outlook will remain bearish as long as 0.6661/2 resistance holds.
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.
