AUD/USD: A New Leg Higher is Likely Underway
AUD/USD has broken to the upside out of its horizontal range between 0.9388 and 0.9485. Further short-term strength towards the resistance at 0.9666 is likely. An initial resistance is at 0.9548 (15/10/2013 high). An hourly support lies at 0.9478 (15/10/2013 low).
In the medium-term, the break above the strong resistance at 0.9345 (26/06/2013 high) confirms an improving medium-term technical structure. However, the long-term technical pattern remains negative thus far. Therefore, we expect the strong resistance at 0.9843 (21/05/2013 high, see also the 200 day moving average) to cap the medium-term upside potential.