AUD/USD's rise is now approaching the resistance at 0.9666. We continue to favour a short-term bullish bias as long as the initial support at 0.9605 (intraday low) holds. Another support can be found at 0.9499, whereas another resistance stands at 0.9792.
In the medium-term, the break above the strong resistance at 0.9345 (26/06/2013 high) confirms an improving medium-term technical structure. However, the long-term technical pattern remains negative thus far. Therefore, we expect the strong resistance at 0.9792 (03/06/2013 high, see also the 200 day moving average) to cap the medium-term upside potential.