The Australian Dollar is back at resistance defining the downtrend against its US counterpart since late January. Its outer layer – now at 0.7391 – is reinforced by former support marking the bottom of a consolidation range in force before the latest attempt at bearish resumption. A daily close above that exposes the 0.7452-61 area. Immediate support is at 0.7238, the August 15 close, with a break below that targeting the double bottom in the 0.7145-65 zone. The AUD/USD short position initiated at 0.7608 and subsequently scaled up near 0.7530 continues to be active. The dominant trend continues to look bearish, ... (full story)