Daily Pivots: (S1) 0.6772; (P) 0.6802; (R1) 0.6824; More…
Intraday bias in AUD/USD remains mildly on the downside at this point. Corrective rise from 0.6677 should have completed with three waves to 0.6894. Deeper fall should be seen to retest 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.
