Weak bounce.
(By Peter Rosenstreich)
• AUD/USD has weakened near the resistance at
0.7652 breaking the hourly support at 0.7595
(07/06/2018 low). Break of the strong resistance
at 0.7917 (14/03/2018 high) is needed to
invalidate the current short-term bearish bias.
Hourly support remains at 0.7412 (09/05/2018
low). The technical structure suggests short-term
upward moves.
• In the long-term, the upward trend slows down
after failing to reach key resistance at 0.8164
(14/05/2015 low). Key support stands at 0.6011
(28/10/2008 low). A break of the key resistance at
0.8164 (14/05/2015 high) is needed to invalidate
our long-term bearish view.
