AUD/USD - The Resistance at 0.9374 Has Held Thus Far
AUD/USD has broken the resistance at 0.9345, validating a short-term double-bottom formation with a target at 0.9450. However, the failure to break the resistance at 0.9374 is a concern. An hourly support can be found at 0.9329 (intraday low). Another support can be found at 0.9301 (intraday low).
In the longer term, prices are consolidating within the range defined by the key support at 0.9206 (see also the 200 day moving average) and the key resistance at 0.9461 (10/04/2014 high)/0.9505.