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AUD/USD - New Leg Lower Underway?

AUD/USD is showing signs of weakness after having retraced part of its recent sharp decline. A second leg lower (echoing the first one from the peak at 0.9505) is likely underway. Key supports stand at 0.9319 and 0.9206. An hourly resistance now lies at 0.9457.

In the longer term, the false breakout at 0.9461 confirms a limited upside potential, favouring a bearish bias. However, a break of the key support at 0.9206 (03/04/2014 low) is needed to open the way for a new significant phase of decline.

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