Daily Pivots: (S1) 0.6771; (P) 0.6795; (R1) 0.6810; More…
Intraday bias in AUD/USD remains neutral for consolidation above 0.6677 short term bottom. More consolidations could be seen and stronger rebound cannot be ruled ut. But in case of another rise, upside should be limited below 0.6910 support turned resistance to bring fall resumption. On the downside, break of 0.6677 will target 100% projections of 0.7295 to 0.6831 from 0.7082 at 0.6618.
In the bigger picture, decline from 0.8135 (2018 high) is seen as resuming the long term down trend from 1.1079 (2011 high). Firm break of 0.6826 (2016 low) should confirm this bearish view. Further fall should be seen to 0.6008 (2008 low) next. On the upside, break of 0.7082 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish even in case of strong rebound.
