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AUD/USD - Drifting Higher

AUD/USD has increased. However we still target support at 0.7553 (13/04/2015 low). Hourly resistance is given at 0.7849 (18/06/2015 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. In addition, we still note that the pair remains well below the 200-dma which confirms selling pressures.

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