AUD/USD: Running Out of Steam
AUD/USD has broken the support at 0.9317 (see also the rising trendline), confirming a deterioration of the technical structure. A further decline towards the key support at 0.9206 is expected. Hourly resistances can now be found at 0.9336 (intraday high) and 0.9377 (19/05/2014 high).
In the medium-term, the successful test of the key resistance at 0.9448 (20/11/2013 high) and the break of the rising trendline suggest the end of the phase of AUD appreciation. A break of the key support at 0.9206 would confirm such scenario.
The recent weakness has forced us to close the remaining of our long strategy.