AUD/USD - Bearish Retracement
AUD/USD's upward momentum is now pausing as the pair is currently retracing. Strong resistance is given at 0.7594 (14/03/2015 high). Hourly support is given at 0.7438 (intraday low). Expected to show further retracement.
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 is approaching the 200-dma which confirms fading selling pressures.