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AUD/USD - Rising Slowly

AUD/USD has stalled below 0.7200. Hourly resistance lies at 0.7181 (intraday high). Expected to monitor hourly resistance at 0.7217 (05/02/2016 reaction high). A break of this level would signal significant exhaustion in recent selling pressures. Support lies at 0.7101 (14/02/2016 base low), whereas another resistance 0.7241 (04/02/2016 high).

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 is approaching the 200-dma which confirms fading selling pressures.

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