AUDUSD: The pair is now on a second day of weakness after failing and tumbling lower off the 1.0495 level on Tuesday. With AUDUSD now holding below its support zone at the 1.0371/99 levels, risk of further weakness could target the 1.0119 level, its Oct 18’2011 low. Further down, support are located at the 0.9986/1.0014 levels and the 0.9767 level, its Oct 10’2011 low. Its daily RSI is bearish and pointing lower supporting its present weakness. Alternatively, for the pair to end its current bear threats and resume its short term uptrend, it will have to break and close above the 1.0495/7 levels. This will open the door for a run at the 1.0661 level, its Sept 07’2011 high and then its Sept 01’2011 high at 1.0766 level. All in all, the pair continues to retain most of its short term gains despite its present pullback attempts.
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