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AUDUSD Prone To Downside Pressure On Price Failure

AUDUSD: AUDUSD took back all of its intra day gains to close lower on Thursday leaving risk of further move lower on the cards. With the formation of a pin bar, it faces the possibility of bear threats while holding below the 0.7275 level. On the upside, the 0.7214/33 zone comes in as the upside target. Above here will turn focus to the 0.7280 levels with a break targeting the 0.7233 level and subsequently the 0.7350 level. A violation of here will set the stage for a retarget of the 0.7400 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support comes in at the 0.7150 level. Below that level will set the stage for a run at the 0.7100 level with a cut through here targeting further downside towards the 0.7050 level. Further down, its big psychological level at 0.7000 is seen as the next downside objective. On the whole, AUDUSD has capped its recovery and looks to move lower.

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