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AUD/USD Bearish Consolidation

AUD/USD is decreasing back after a slight recovery above 0.7790, approaching hourly support at 0.7704 (24/12/2017 low). Stronger support is given at 0.7638 (15/12/2018 low) while hourly resistance at 0.7879 (21/02/2018 high) is maintained. The technical structure suggests continued short-term downward 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 0.6009 (31/10/2008 low). A break of the key resistance at 0.8164 (14/05/2015 high) is needed to invalidate our long-term bearish view.

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