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AUDUSD: Bearish, Sees Weakness

AUDUSD:   With AUDUSD following through lower on the back of its Friday weakness, further downside pressure is envisaged. This view remains valid while the 0.7818/48 zone caps. On the upside, resistance resides at the 0.7800 level where a breach will aim at the 0.7850 level. Below that level if seen will set the stage for a run at the 0.7900 level with a cut through here targeting further downside towards the 0.7950 level. Its daily RSI is bearish and pointing lower supporting this view. On the downside, support lies at the 0.7700 level. A cut through here will turn attention to the 0.7650 level and then the 0.7600 level where a violation will set the stage for a retarget of the 0.7550 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.

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