AUD/USD Daily Report

Daily Pivots: (S1) 0.6919; (P) 0.6956; (R1) 0.6982; More…

A short term top should be formed at 0.7031 already. Intraday bias is mildly on the downside for 1.6838 support first. Break will target 0.6754 near term structural support next. On the upside, though , break of 0.7031 will resume the corrective rebound from 0.6670 to 0.7082 key 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 0.7506).