AUD/USD - Monitor The Resistance at 0.8158
AUD/USD has recently stabilised near the strong support at 0.8067/0.8035. A break of the hourly resistance at 0.8158 would improve the short-term technical structure. Another hourly resistance stands at 0.8186 (02/01/2015 high), while a more significant resistance lies at 0.8216.
In the long-term, there is no sign to suggest the end of the current downtrend. As a result, even if the strong support area between 0.8067 (25/05/2010 low) and 0.7947 (61.8% retracement of the 2009-2011 rise) could lead to some consolidation, a decisive break lower remains our favourite scenario. Other supports can be found at 0.7704 (13/07/2009 low) and 0.7451 (18/05/2009 low). A break of the key resistance at 0.8376 (11/12/2014 high) is needed to invalidate our bearish view.