Daily Pivots: (S1) 0.6972; (P) 0.6997; (R1) 0.7014; More…
Intraday bias in AUD/USD remains neutral for the moment. On the upside, break of 0.7031 will resume the rebound from 0.6670 and target 0.7082 key resistance next. However, break of 0.6938 will be the first sign of near term reversal. In this case, intraday bias will be turned back to the downside for 0.6838 support next.
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 0.7506).
