AUD/USD - Short Squeeze
AUD/USD's momentum remains negative despite ongoing bullish consolidation. Key resistance is located far away at 0.7756 (10/08/2016 high). Hourly support is found at 0.7442 (13/09/2016 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.