AUD/USD Daily Report

Daily Pivots: (S1) 0.6825; (P) 0.6857; (R1) 0.6909; More…

AUD/USD’s rise from 0.6754 resumed by taking out 0.6862 and hits as high as 0.6889 so far. Such development suggests that pull back from 0.6929 has completed and rebound from 0.6670 is resuming. Intraday bias is back on the upside for 0.6929 first. Break will target 100% projection of 0.6670 to 0.6929 from 0.6754 at 0.7013 next. On the downside, break of 0.6800 will dampen the bullish case and turn bias back to the downside.

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 0.7525).