Daily Pivots: (S1) 0.6151; (P) 0.6197; (R1) 0.6277; More…
Intraday bias in AUD/USD remains on the upside as rebound from 0.5506 is extending. Further rise could be seen to 61.8% projection of 0.5506 to 0.6213 from 0.5979 at 0.6416. On the downside, break of 0.5979 will now indicate completion of rise from 0.5506. Intraday bias will be turned back to the downside for retesting 0.5506.
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). 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, break of 0.6670 support turned resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish even in case of strong rebound.
