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AUD/USD: Yesterday's Bullish Reversal Alleviates Recent Bearish Concerns
AUD/USD made yesterday a bullish reversal pattern (hammer), negating part of the bearish outlook stemming from the head and shoulders. A break of the initial resistance at 0.8989 (intraday high) would call for a second leg higher. Another resistance lies at 0.9049 (24/02/2014 high). Hourly supports stand at 0.8904 (27/02/2014 low) and 0.8874.
The long-term technical pattern is negative and favours a further decline towards the key support at 0.8067 (25/05/2010 low), as long as prices remain below the resistance at 0.9168 (02/12/2013 high, see also the 200 day moving average).