Daily Pivots: (S1) 0.6749; (P) 0.6764; (R1) 0.6775; More…
With 0.6795 minor resistance intact, intraday bias in AUD/USD remains mildly on the downside. Current fall from 0.6929 should target a test on 0.6670 low. On the upside, above 0.6795 minor resistance will turn intraday bias neutral and bring consolidations, before staging another decline.
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 0.7525).
