Ready for another leg higher.
• AUD/USD is consolidating after the break of
support at 0.7473 (12/04/2017 low). As long as
prices remain below the resistance at 0.7608
(17/04/2017 high), the short-term technical
structure is negative. Key resistance stands at
0.7681 (30/03/2017 high). Expected to show
further weakness.
• 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 )
