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AUD/USD - Bouncing Near The Support at 0.9239

AUD/USD made an intraday bullish reversal (hammer) yesterday, confirming significant buying interest near the support at 0.9239. Monitor the resistance at 0.9345, as a break would validate a short-term double-bottom formation. Another resistance lies at 0.9374. A key support stands at 0.9206.

In the longer term, prices are consolidating within the range defined by the key support at 0.9206 (see also the 200 day moving average) and the key resistance at 0.9461 (10/04/2014 high)/0.9505. The current succession of lower highs since early July 2014 favours a bearish bias.

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