AUD/USD - Successful Test of The Support at 0.7626
AUD/USD has bounced near the key support at 0.7626, suggesting a potential short-term base formation. An hourly resistances now lie at 0.7799 (intraday high), while a key resistance stands at 0.7876 (06/02/2015 high). An hourly support stands at 0.7724 (intraday low).
In the long-term, there is no sign to suggest the end of the current downtrend. The break 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. A key support stands at 0.7451 (18/05/2009 low). A break of the key resistance at 0.8295 (15/01/2015 high) is needed to invalidate our long-term bearish view.