AUD/USD is bouncing off from 0.7412 (09/05/2018 low), heading along the 0.7565 range. Hourly support and resistance remain at 0.7412 (09/05/2018 low) and 0.7879 (28/02/2018 high). The technical structure suggests shortterm increase.
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.
