AUD/USD strong bounce from 0.7595 low continues, currently trading along 0.7650 and approaching the 0.7675 range. A 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.
