AUD/USD bearish pattern from 0.7813 (19/04/2018) continues, heading along the 0.7565 range. The pair is trading at December 2017 low. Hourly support and resistance are given at 0.7502 (08/12/2017 low) and 0.7979 (15/01/2018 high). The technical structure suggests short-term downward 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.
