AUDUSD: With the pair continuing to increase its downside momentum, the risk of returning to the 0.9663 level is beckoning. As long as the pair continues to trade below its key resistance at the 1.0000/1.0143 levels, we look for further downside momentum to occur. This will leave the risk for a move lower towards the 0.9700 level where a break will call for a run at the 0.9663 level and then the 0.9600 level. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, immediate resistance resides at the 0.9962 level where a reversal of roles is likely to occur. However, if this fails, the 1.0013 level and then the 1.0143 level will be targeted. Further out, resistance resides at the 1.0216 level. All in all, the pair remains biased to the downside in the medium term.
