AUD/USD Daily Report

Daily Pivots: (S1) 0.6772; (P) 0.6783; (R1) 0.6799; More…

With 0.6803 minor resistance intact, intraday bias in AUD/USD stays mildly on the downside. As noted before, corrective rebound from 0.6670 should have completed at 0.6929. Fall from there is now in progress for retesting 0.6670 low first. On the upside, above will turn intraday bias neutral and bring recovery. But upside should be limited well below 0.6929 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 0.7529).