Daily Pivots: (S1) 0.6840; (P) 0.6930; (R1) 0.7096; More…
Intraday bias in AUD/USD remains neutral as consolidation continues. Upside of recovery should be limited by 0.7071 resistance to bring decline resumption. On the downside, below 0.6928 minor support will turn bias to the downside for 0.6722 first. Decisive break there will extend the larger down trend to 100% projection of 0.8135 to 0.7020 from 0.7393 at 0.6278 next. Nevertheless, break of 0.6928 will delay the bearish case and bring stronger rebound first.
In the bigger picture, medium term fall from 0.8135 is still in progress. Such decline is seen as part of the long term down trend from 1.1079 (2011 high). Sustained break of 0.6826 (2016 low) will pave the way to next key level tat 0.6008 (2008 low). In any case, break of 0.7393 resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish even in case of strong rebound.
