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AUD/USD - Short Term Bearish

AUD/USD keeps on declining. The very short-term technical structure is negative. A break of the hourly resistance at 0.7382 (12/10/2015 high) is necessary to reverse the current short-term trend. Hourly support lies at 0.6893 (04/09/2015 low). Expected to show continued weakness.

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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