Daily Pivots: (S1) 0.6840; (P) 0.6852; (R1) 0.6866; More…
AUD/USD recovered after hitting 0.6838 but stays well below 0.6938 resistance. Intraday bias remains neutral first. For now, further rally will remain in favor as long as 0.6838 holds. On the upside, above 0.6938 will extend the rebound from 0.6670 to 100% projection of 0.6670 to 0.6929 from 0.6754 at 0.7013 next. However, break of 0.6838 will turn bias back to the downside for 0.6754 support 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 0.7502).
