Daily Pivots: (S1) 0.6804; (P) 0.6837; (R1) 0.6861; More…
AUD/USD’s break of 0.6807 suggests that corrective rise from 0.6677 has completed with three waves to 0.6894. Intraday bias is back on the downside for retesting 0.6677 first. Break will resume larger down trend. For now, risk will stays on the downside as long as 0.6894 holds, in case of recovery.
In the bigger picture, decline from 0.8135 (2018 high) is seen as resuming the long term down trend from 1.1079 (2011 high). Next target is 0.6008 (2008 low). 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.
