AUD/USD continues its decline, currently trading at the 0.7690 range and approaching hourly support at 0.7638 (15/12/2017 low). Hourly resistance at 0.7979 (15/01/2018 high) is distanced. 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.
