AUD/USD - Making 5-Year Lows
AUD/USD has broken the support at 0.8035, making 5-year lows. The short-term technical structure is negative as long as prices remain below the resistance at 0.8136 (22/01/2015 high). An hourly resistances lies at 0.8054 (intraday high).
In the long-term, there is no sign to suggest the end of the current downtrend. Monitor the test of the strong support area between 0.8067 (25/05/2010 low) and 0.7947 (61.8% retracement of the 2009-2011 rise). 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.