Daily Pivots: (S1) 0.6935; (P) 0.6960; (R1) 0.6977; More…
Intraday bias in AUD/USD remains on the downside for 0.6910 support. Break will confirm that rebound from 0.6831 has completed with three waves up to 0.7082. Such development will also argue that fall from 0.7295 is in progress for 0.6722 low. On the upside, above 0.6991 minor resistance will turn intraday bias neutral 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.
