Daily Pivots: (S1) 0.6849; (P) 0.6884; (R1) 0.6907; More…
Intraday bias in AUD/USD remains on the downside at this point. Fall from 0.7295 is resuming and further fall should be seen back to 0.6722 low. On the upside, break of 0.6918 will delay the bearish case and turn intraday bias neutral for more consolidation first.
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.
