AUD/USD bearish pattern from 0.7813 (19/04/2018) continues after reaching 0.7558 (04/05/2018 high), trading along 0.7515 and approaching the 0.7510 range. Hourly resistance at 0.7879 (28/02/2018 high) remains. The technical structure suggests 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.
