AUDUSD: With continued bearish momentum violating the 0.9752 level, the immediate risk remains towards the 0.9620 level, its Oct 06’2011 low. On continued weakness the 0.9524 level, its rising trendline will be targeted followed by the 0.9386 level, its Oct 04’2011 low. Its daily and weekly RSI are bearish and pointing lower suggesting further weakness. On the other hand, AUDUSD may be hesitating but it will have to break and hold above the 1.0312 and the 1.0441 levels to reduce its downside pressure and then target the 1.0569 level, its Oct 31 high. A breach of here will turn focus to the 1.0749 level, its Oct 27’2011 high. All in all, the pair remains weak and vulnerable to the downside in the short term.
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