Daily Pivots: (S1) 0.6797; (P) 0.6810; (R1) 0.6820; More…
Intraday bias in AUD/USD stays neutral for consolidation above 0.6769. Outlook is unchanged for the moment. Recent development suggests that rebound from 0.6670 has completed at 0.6929. Upside of recovery should be limited by 0.6841 minor resistance to bring another decline. On the downside, break of 0.6769 will resume the fall to retest 0.6670 low. However, break of 0.6841 will turn bias back to the upside for 0.6929 resistance.
In the bigger picture, with 0.7082 resistance intact, there is no clear confirmation of trend reversal yet. That is, 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).
