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AUD/USD - Continued Increase

AUD/USD is reversing. Hourly support is located at 0.7145 (24/05/2016 low). Stronger daily support is given at 0.7110 (29/10/2016 low). Hourly resistance at 0.7260 (23/05/2016 high) confirms buying pressures.

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.

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