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AUD/USD - Wide-Open For Further Weakness

AUD/USD has fully erased hourly support given at 0.7311 (21/07/2016 low). Stronger support can be found at 0.7145 (24/05/2016 low). Expected to continue heading lower as buying pressures seem non-existent at the moment.

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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