AUD/USD - Targeting Support at 0.7160
AUD/USD is moving sideways. The technical structure suggests that the pair has entered into a trading in range phase between hourly support at 0.7160 (intraday high) and hourly resistance at 0.7385 (12/04/2015 high). Expected to show further decline as the technical structure in the short-term (lower highs) suggests further weakening.
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.