AUD/USD is declining following recent sideways trading phase, approaching December 2017 low and heading along the 0.7665 range. The bearish pattern started in February 2018 is maintained. Hourly support and resistance are given at 0.7638 (15/12/2017 low) and 0.7810 (28/12/2017). The technical structure suggests further short-term decrease.
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.
