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AUD/USD - Monitoring Uptrend Channel

AUD/USD is clearly in a bullish trend. Hourly resistance at 0.7648 (23/06/2016 high) has been broken. Hourly support is located at 0.7522 (11/07/2016 low). Stronger supports are given by the lower bound of the longer-term uptrend channel and by 0.7286 (16/06/2016 low). Expected to show further consolidation within the uptrend channel.

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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