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AUD/USD - Monitor The Resistance at 0.8372

AUD/USD is bouncing. However, the hourly resistance at 0.8372 (see also the steepest declining trendline) has held thus far. Hourly supports can be found at 0.8265 (10/12/2014 low) and 0.8224. A key resistance lies at 0.8447 (see also the 38.2% retracement).

In the long-term, the break of the strong support at 0.8660 (24/01/2014 low) confirms the underlying long-term bearish trend and opens the way for further weakness. A strong support area stands between 0.8067 (25/05/2010 low) and 0.7947 (61.8% retracement of the 2009-2011 rise). A key resistance can be found at 0.8615 (27/11/2014 high).

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