Daily Pivots: (S1) 0.6836; (P) 0.6871; (R1) 0.6894; More…
Price actions from 0.6929 in AUD/USD is still seen as a corrective move. Intraday bias remains neutral first and further rise in favor with 0.6809 minor support intact. On the upside, break of 0.6929 will resume the rise from 0.6670 to 0.7082 key resistance next. On the downside, however, break of 0.6809 support will suggest that such rebound is completed. Intraday bias will be turned back to the downside for retesting 0.6670 low.
In the bigger picture, the case of medium term bullish reversal is building up with bullish convergence condition in weekly MACD. But there is no clear confirmation yet. As long as 0.7082 resistance holds, larger down trend from 0.8135 (2018 high) is still expect to continue to 0.6008 (2008 low). However, decisive break of 0.7082 will confirm medium term bottoming and bring stronger rally back to 55 month EMA (now at 0.7529).
