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AUD/USD Bearish Consolidation

AUD/USD decrease from 0.7813 is pausing, starting a bearish consolidation at the 0.7605 range after breaking hourly support at 0.7638 (15/12/2018). The pair is trading at December low. Hourly support and resistance are now given at 0.7502 (08/12/2017 low) and 0.7979 (15/01/2018 high). The technical structure suggests short-term sideways trading 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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