Short-term consolidation.
• AUD/USD is pushing higher since the pair has
failed to reach hourly support given at 0.7329
(09/05/2017 low). As long as prices remain below
resistance at 0.7608 (17/04/2017 high), there are
nonetheless strong downside risks.
• 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.
(By Yann Quelenn)
