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AUD/USD - Consolidating

AUD/USD is now consolidating above the hourly support at 0.7618 (28/05/2015 low). The pair remains well below the 200-dma which confirms selling pressures. Hourly resistance can be found at 0.7761 (28/05/2015 high).

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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