AUD/USD continues to ride higher within short-term bullish momentum. We favour further strength as long as the hourly support at 0.7421 (27/07/2016 low) holds. Resistance at 0.7638 (02/08/2016 high) has been broken and this paves the way for another leg higher.

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.

Daily Technical Report