Daily Pivots: (S1) 0.6820; (P) 0.6839; (R1) 0.6856; More…
AUD/USD’s break of 0.6809 support suggests that corrective recovery from 0.6670 has completed at 0.6929 already. Intraday bias is turned back to the downside for retesting 0.6670 first. Break will resume larger down trend. On the upside, above 0.6841 minor resistance will turn intraday bias neutral and bring recovery. But risk will stay on the downside as long as 0.6929 resistance holds.
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).
