Daily Pivots: (S1) 0.6941; (P) 0.6975; (R1) 0.6993; More…
AUD/USD’s break of 0.6962 minor support suggests that corrective recovery from 0.6864 has completed earlier than expected at 0.7022. Intraday bias is turned back to the downside for 0.6864 low first. Decisive break there will resume whole fall from 0.7295. On the upside, break of 0.7022 will resume the rebound to 0.7069 resistance next.
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.
