Daily Pivots: (S1) 0.6970; (P) 0.6996; (R1) 0.7029; More…
Intraday bias in AUD/USD is turned neutral first with today’s retreat. Further rise is in favor as long as 0.6962 minor support holds. Break of 0.7022 will extend the rebound from 0.6864 short term bottom. Break of 0.7069 resistance will target 0.7205 structural resistance next. On the downside, though, break of 0.6962 will indicate completion of the rebound and turn bias back to the downside for retesting 0.6864 low.
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.
