AUDUSD: With the pair reversing its Monday gains, the risk of a decline towards the 1.0041 level is now looming. As long as the pair continues to trade below its key resistance at the 1.0246/24 levels this view remains intact. A violation of the 1.0109 level will pave the way for further lower towards its major psycho level at 1.0000 where a violation will call for more declines the 0.9861 level. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, a return above the 1.0246/24 levels and 1.0450/65 levels is required to end its present downside threats. Further out, resistance resides at the 1.0465 level with a break and close above here setting the stage for a run at the 1.0556 level. All in all, the pair remains biased to the downside short term.
