AUDUSD continues to retain its corrective tone set from the 0.7015 level, representing its Sept 10 2015 low. The current price development has put the pair above its key support at the 0.7282 level with more strength likely. On the downside, support resides at the 0.7282 level where a breach will aim at the 0.7250 level. Below that level will set the stage for a run at the 0.7200 level with a cut through here targeting further downside towards the 0.7150 level. On the upside, resistance lies at the 0.7350 level. A cut through here will turn attention to the 0.7400 level and then the 0.7450 level where a violation will set the stage for a retarget of the 0.7500 level. On the whole, AUDUSD continues to retain its corrective tone with eyes on the upside.
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