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AUD/USD - Pushing Lower

AUD/USD keeps on weakening after the last week's spike. Hourly support lies at 0.7170 (30/11/2015 low) and hourly resistance is located at 0.7382 (12/10/2015 high). Support implied by the lower bound of the uptrend channel has been broken. Expected to show monitoring of the support at 0.7170 to confirm a trend reversal.

In the long-term, we are waiting for further signs that the current downtrend is ending. 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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