Daily Pivots: (S1) 0.6817; (P) 0.6829; (R1) 0.6838; More…
AUD/USD’s break of 0.6813 minor support suggests that rebound from 0.6754 has completed at 0.6862. Intraday bias is turned back to the downside for 0.6754 first. Break will resume the decline form 0.6929 to retest 0.6670 low. On the upside, above 0.6862 will turn bias back to the upside for 0.6929 resistance instead.
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).
