AUD/USD: Testing its Previous Low
AUD/USD is moving si d eways since 20 June. However, monitor the test of the recent low at 0.8999. Hourly resistances can be found at 0.9101 (intraday high) and 0.9129 (25/07/2013 low).
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. Key resistances stand at 0.9345 (26/06/2013 high) and 0.9666 (14/06/2013 high).