AUD/USD: Declining Sharply
AUD/USD declined sharply yesterday, confirming exhaustion in the buying interest. Monitor the key support at 0.9319. Hourly resistances can now be found at 0.9388 and 0.9444 (03/07/2014 high). Another key support stands at 0.9206.
In the longer term, the false breakout at 0.9461 confirms a limited upside potential, favouring a bearish bias. However, a break of the key support at 0.9206 (03/04/2014 low) is needed to open the way for a new significant phase of decline.