AUD/USD declined sharply yesterday confirming persistent selling pressures. The key support at 0.8643 has held thus far. Hourly resistances for a short-term bounce can be found at 0.8755 (intraday high) and 0.8807 (intraday high).
In the long-term, the underlying trend is negative. Despite the recent successful test of the strong support at 0.8660 (24/01/2014 low), the long-term technical structure favours further decline. A key resistance stands at 0.8950 (22/09/2014 high). Another strong support lies at 0.8067 (25/05/2010 low).
Daily Technical Report
