AUD/USD: A Short-Term Double-Bottom is Likely in Place
AUD/USD has successfully tested the support at 0.9037. Coupled with the breach of the hourly resistance at 0.9190 (03/07/2013 high), a shortterm double-bottom is likely underway. The upside potential is given by the resistance at 0.9345. An initial resistance lies at 0.9253 (01/07/2013 high).
In the medium-term, the break of the strong support at 0.9388 (04/10/2011 low) opens the way for a further medium-term decline. The break to the downside out of the long-term symmetrical triangle (see the daily chart) suggests a move towards 0.8236. Key supports are at 0.8771 and 0.8067. A significant resistance now lies at 0.9345 (26/06/2013 high).