AUD/USD - Gaining Upside Traction
AUD/USD is pushing higher. Even if the technical structure still favours further weakness, the pair is likely to keep moving slightly higher. Hourly resistance can be found at 0.7280 (18/09/2015 high). Hourly support lies at 0.6893 (04/09/2015 low).
In the long-term, there is no sign to suggest the end of the current downtrend. Key supports stand at 0.6009 (31/10/2008 low) . A break of the key resistance at 0.8295 (15/01/2015 high) is needed to invalidate our long-term bearish view. In addition, we still note that the pair remains well below the 200-dma which confirms selling pressures.