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AUD/USD - Weakening

AUD/USD is weakening as can be seen by the break of the short-term rising trendline. Furthermore, the technical configuration since June looks like a bearish head and shoulders. An hourly support lies at 0.9361 (10/07/2014 low), while a key support stands at 0.9319. Hourly resistances can be found at 0.9409 (11/07/2014 high) and 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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