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AUD/USD - Failed To Go Any Higher

AUD/USD's bullish momentum seems to fade. Hourly resistance can be found at 0.7723 (31/03/2016 high). Hourly support is given at 0.7415 (16/03/2016 low). Buying pressures remain nonetheless important as long as the pair remains above 0.7415.

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 now above the 200-dma which confirms our view that buying pressures are increasing.

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