AUD/USD: Monitor the Strong Resistance at 0.9345
AUD/USD has moved above the resistances implied by its declining trendlines, but has thus far failed to hold above them. Furthermore, a strong resistance still stands at 0.9345. Hourly supports can be found at 0.9223 (23/074/2013 low) and 0.9138.
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 key resistance lies at 0.9345 (26/06/2013 high).