Daily Pivots: (S1) 0.6849; (P) 0.6867; (R1) 0.6885; More… .
A temporary low is in place at 0.6849 in AUD/USD with 4 hour MACD crossed above signal line. Further fall is expected as long as 0.6930 minor resistance holds. As noted before, corrective rise from 0.6670 could have completed with three waves up to 0.7031. Below 0.6849 will target 0.6754 support to confirm this case. On the upside, above 0.6930 minor resistance will dampen this case and turn bias to the upside for retesting 0.7031 resistance.
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).
