AUDUSD: Sets Up For Price Weakness
AUDUSD: With a flat close on a rejection candle seen on Tuesday, AUDUSD faces a move lower on price weakness. While its key resistance at 0.7974/80 zone cap upside moves, our bias remains to the downside. On the upside, resistance lies at the 0.7937 level. A cut through here will turn attention to the 0.8000 level and then the 0.8050 level where a violation will set the stage for a retarget of the 0.8100 level. On the downside, support resides at the 0.7800 level where a breach will aim at the 0.7750 level. Below that level will set the stage for a run at the 0.7700 level with a cut through targeting further downside towards the 0.7650 level. On the whole, AUDUSD continues to retain its broader downtrend pressure but faces recovery threats in the short term.
