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AUDUSD: Broader Bias Remains Lower But With Caution

AUDUSD: AUDUSD may be biased to the downside but faces a recovery threat while holding above the 0.7037 level. However, we should see a move higher if the mentioned support remains unbroken. On the downside, support resides at the 0.7050 level where a breach will aim at the 0.7000 level. Below that level will set the stage for a run at the 0.6950 level with a cut through here targeting further downside towards the 0.6900 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 0.7150 level. A cut through here will turn attention to the 0.7200 level and then the 0.7250 level where a violation will set the stage for a retarget of the 0.7300 level. On the whole, AUDUSD continues to retain its downside Pressure.

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