AUD/USD: Back To its Previous Low
AUD/USD weakened sharply yesterday, confirming an underlying bearish trend. Monitor the support at 0.8999. Hourly resistances stand at 0.9082 (intraday high) and 0.9168.
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.