AUD/USD is in a corrective phase, as can be seen by the recent new lows below the support at 0.9422. A decline towards the support at 0.9281 is likely. An initial support lies at 0.9353 (08/11/2013 low). Hourly resistances are at 0.9428 (04/11/2013 low) and 0.9474 (intraday high).
The long-term technical pattern remains negative thus far. Therefore, we see the recent decline near the strong resistance at 0.9792 (03/06/2013 high, see also the 200 day moving average) as the start of a new phase of weakness for AUD/USD. A retest of the low at 0.8848 (05/08/2013 low) is our more conservative downside risk.
Daily Technical Report
