Daily Pivots: (S1) 0.6820; (P) 0.6859; (R1) 0.6887; More…
AUD/USD’s decline resumed after brief consolidation and breached 0.6831 low. Intraday bias is back on the downside. Sustained trading below 0.6831 will extend the fall from 0.7295 to retest 0.6722 low. On the upside, above 0.6899 minor resistance will turn intraday bias neutral again.
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.
