Daily Pivots: (S1) 0.6925; (P) 0.6938; (R1) 0.6959; More…
AUD/USD rises to as high as 0.6955 so far today. Break of 0.6938 suggests resumption of whole rise from 0.6670. Intraday bias is now on the upside for 100% projection of 0.6670 to 0.6929 from 0.6754 at 0.7013 next. On the downside, break of 0.6911 minor support will turn intraday bias neutral first. But further rise will remain in favor as long as 0.6838 support holds.
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).
