AUD/USD - Setting Lower Highs
AUD/USD is trading mixed. Yet the pair seems to weaken. Hourly support is located at 0.7286 (16/06/2016 low). Stronger daily support is given at 0.7110 (29/10/2016 low). Expected to further decline.
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.