AUDUSD: Clears the 0.8755 level, Extends Bearishness.
AUDUSD: With the pair breaking the 0.8755 level, its Jan 20 2014 low to sell off further on Friday, more decline is expected in the days ahead. Support is seen at the 0.8650 level, its psycho level followed by the 0.8600 level. Further down, support comes in at the 0.8550 level and then the 0.8500 level. Its daily RSI is bearish and pointing lower suggesting further downside. On the upside, resistance resides at the 0.8755 level followed by the 0.8887 level, its Jan 22’2014 high. A break of here if seen will aim at the 0.8915 level, its Jan 16’2014 high. Further out, resistance resides at the 0.9000 level, its big psycho level. All in all, the pair remains biased to the downside in the medium term.
Article by www.fxtechstrategy.com
