AUD/USD continues to weaken after its failure to break the key resistance at 0.7913. The support at 0.7764 has been broken and the extension below the 61.8% retracement favours a decline towards the support at 0.7561. An intermediate support can be found at 0.7612 (19/03/2015 low). An hourly resistance can be found at 0.7809 (intraday high, see also the declining trendline).

In the long-term, there is no sign to suggest the end of the current downtrend. Key supports stand at 0.7451 (18/05/2009 low) and 0.7000 (psychological threshold). A break of the key resistance at 0.8295 (15/01/2015 high) is needed to invalidate our long-term bearish view.

Daily Technical Report