Daily Pivots: (S1) 0.6746; (P) 0.6763; (R1) 0.6781; More…
With 0.6806 minor resistance intact, further decline is expected in AUD/USD. Corrective rise from 0.6677 should have completed with three waves up to 0.6984. Firm break of 0.6677 will resume larger down trend. On the upside, above 0.6806 will bring recovery. But in any case, risk will stay on the downside as long as 0.6894 resistance holds.
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.
