Daily Pivots: (S1) 0.6906; (P) 0.6945; (R1) 0.6968; More…
AUD/USD’s strong break of 0.6956 minor support confirmed completion of corrective rebound from 0.6831 at 0.7047. Intraday bias is now on the downside for retesting 0.6831 low next. Break will resume the decline from 0.7295 to 0.6722 low. On the upside, though, break of 0.6994 minor resistance will turn focus back to 0.7047 resistance instead.
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.
