AUD/USD: Bounce is Pushing Higher
AUD/USD is bouncing after having tested its strong support at 1.0177. It is now challenging the hourly resistance at 1.0275 (05/10/2012 high).
A decisive break of the support at 1.0177 would confirm a bigger decline (see potential medium-term double-top).
The proximity of the long-term declining trendline, coupled with medium-term oscillators near overbought levels, favours a phase of weakness. Resistance at 1.0329 (26/09/2012 low, see also declining trendline).