AUD/USD: Bouncing Within Its Downtrend
AUD/USD has broken its low at 0.9056, confirming a persistent bearish trend. Further short-term weakness is likely despite the current bounce near the psychological support at 0.9000. The hourly resistance at 0.9072 (intraday high) is challenged. Another resistance stands at 0.9146 (03/12/2013 high).
AUD/USD has broken the key support at 0.9281, opening the way for a medium-term decline towards the support at 0.8893.
The long-term technical pattern remains negative thus far. A test of the support area between 0.8848 (05/08/2013 low) and 0.8893 (28/08/2013 low) is our most conservative longterm downside risk.