Daily Pivots: (S1) 0.6545; (P) 0.6568; (R1) 0.6593; More….
AUD/USD’s decline continues today and reaches as low as 0.6516 so far. Intraday bias remains on the downside and current down trend should target 100% projection of 0.6933 to 0.6662 from 0.6750 at 0.6479. Break will pave the way to 161.8% projection at 0.6479. On the upside, above 0.6592 minor resistance will turn intraday bias neutral and bring consolidations again, before staging another decline.
In the bigger picture, AUD/USD’s decline from 0.8135 (2018 high) is still in progress. It’s part of the larger down trend from 1.1079 (2011 high). Rejection by 55 week EMA affirms medium term bearishness. Next target is 0.6008 (2008 low). Outlook will stay bearish as long as 0.7031 resistance holds, even in case of strong rebound.
