Daily Pivots: (S1) 0.6136; (P) 0.6314; (R1) 0.6415; More…
Intraday bias in AUD/USD remains on the downside at this point. Current down trend should target 100% projection of 0.7031 to 0.6433 from 0.6684 at 0.6086 next. On the upside, above 0.6385 minor resistance will turn intraday bias neutral first. But recovery should be limited below 0.6684 resistance to bring fall resumption.
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.
