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AUD/USD - Holding above 0.7000

AUD/USD is moving closer to its recent low and support at 0.6893. The technical structure favours further weakness. Hourly resistance can be found at 0.7280 (18/09/2015 high). Hourly support lies at 0.6893 (04/09/2015 low).

In the long-term, there is no sign to suggest the end of the current downtrend. Key supports stand at 0.6009 (31/10/2008 low) . 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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