AUD/USD: Making New Lows
AUD/USD is moving lower, confirming an underlying bearish trend. The support area between 0.8848 and 0.8771 is challenged. The technical structure is negative as long as prices remain below the resistance at 0.9086 (13/01/2014 high). An initial resistance can be found at 0.8865 (09/01/2014 low).
The long-term technical pattern remains negative. A decisive break under 0.8848 (05/08/2013 low) would open the way for a move towards the key support at 0.8067 (25/05/2010 low). A significant resistance is given by the 200 day moving average (around 0.9390).