AUD/USD - Bouncing
AUD/USD is bouncing. However, the shortterm technical structure is negative as long as prices remain below the hourly resistance at 0.8054 (23/01/2015 high). Another resistance can be found at 0.8136. Hourly supports lie at 0.7901 (intraday low) and 0.7855.
In the long-term, there is no sign to suggest the end of the current downtrend. The breach of the strong support area between 0.8067 (25/05/2010 low) and 0.7947 (61.8% retracement of the 2009-2011 rise) favours further weakness. 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.