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AUD/USD - Short-Term Bullish Consolidation
AUD/USD is consolidating higher and the pair is back around the 50% Fibonacci retracement. Hourly support is now given at 0.7311 (21/07/2016 low). Stronger support is given at 0.7145 (24/05/2016 low). Expected to see further weakness.
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.