AUDUSD: With AUDUSD breaking and holding below the 1.0596 level, representing its Feb 23’2012 low, further declines is expected. In such a case, the 1.0444 level will be targeted followed by the 1.0335 level, representing its daily 200 ema. Its daily RSI is bearish and pointing higher supporting this view. Alternatively, the pair will have to return above the 1.0596 level to put on hold its present declines and then target its key resistance at the 1.0853 level. Further out , resistance stands at the 1.0900 level, representing its psycho level followed by the 1.1000/4 levels and ultimately, its July 27’2011 high at 1.1078. All in all, the pair remains vulnerable to the downside on corrective weakness.
Discover how our Daily Forex Research Trusted by Over 3,000 Traders can help you make easy and smart trading decisions.
