AUDUSD looks to extend further downside pressure after declining further on Tuesday. On the downside, support comes in at the 1.6800 level. A cut through here will turn focus to the 0.6750 level and then the 0.6700 level. A violation will set the stage for a retarget of the 0.6650 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance lies at the 0.6900 level where a breach will aim at the 0.6950 level. Below here will open the door for a run at the 0.7000 level and then the 0.7050 level. On the whole, AUDUSD faces further downside threats short term.
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