AUD/USD: The Resistance at 0.9458 is Challenged Again
AUD/USD has bounced near the support at 0.9285 (see also 38.2% retracement). A break of the hourly resistance at 0.9458 would strengthen the case for a new phase of AUD strength. An initial support lies at 0.9388 (07/10/2013 low). Another resistance stands at 0.9529.
We favour a new phase of strength as the consolidation since June is supportive of a longer phase of AUD strength.
In the medium-term, the break above the strong resistance at 0.9345 confirms an improving medium-term technical structure. However, the long-term technical pattern remains negative thus far. Therefore, we expect the strong resistance at 0.9843 (21/05/2013 high, see also the 200 day moving average) to cap the medium-term upside potential.