AUD/USD: Challenging The Support at 0.9214
AUD/USD has broken the key resistance at 0.9168, validating a 3 month bullish reversal pattern. However, monitor the hourly horizontal range between 0.9214 and 0.9295/0.9304 (01/04/2014 high), as a break lower would open the way for further short-term weakness towards the other support at 0.9154 (26/03/2014 low).
In the medium-term, the decisive break of the strong resistance at 0.9168 (02/12/2013 high, see also the 200 day moving average) favours a further rise towards the key resistance at 0.9448.
Longer term, the underlying downtrend still favours a bearish bias.