AUDUSD: Reverses Gains, Weakens.
AUDUSD: Having reversed its three-day gains following a sell off on Thursday and a follow-through today, the risk of further declines continues to build up. The immediate support lies at the 1.0380 level with a breach aiming at the 1.0290 level followed by the 1.0200 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, the pair will have to return above the 1.0611 level to annul its present bearishness. This could open further upside risk towards the 1.0650 level. Further out, resistance resides at the 1.0700 level.. All in all, the pair continues to face its corrective downside tone.
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