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AUD/USD - Pickup in Selling Pressures

AUD/USD declined sharply yesterday, indication an exhaustion of the short-term buying interest. The hourly support 0.7732 has been broken. Hourly support can now be found at 0.7669 (intraday low) and 0.7553 (13/04/2015 low). Hourly resistances stand at 0.7759 (17/04/2015 low) and 0.7843.

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.

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