AUD/USD - Bullish Momentum
AUD/USD has broken resistance implied by the upper bound of the declining channel. The technical structure suggests a deeper short-term momentum. Hourly support lies at 0.7017 (08/11/2015 low) and hourly resistance is located at 0.7382 (12/10/2015 high). Expected to show increasing buying interest.
In the long-term, we are waiting for further signs that the current downtrend is ending. 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.