AUDUSD: The pair is recovering following its hammer candle formation on Friday. However, the present price action is not too convincing suggesting a full blown recovery may not occur at this stage. In such a case, risk of a return to the 0.9584 level cannot be ruled out. A breach of here will pave the way for a move further lower towards the 0.9500 level. On the other hand, the pair will have to violate the 0.9894/0.9934 levels to have a chance of creating a temporary bottom. This if seen will expose the 1.0050 level where a break will call for a run at the 1.0143 level. Further out, resistance resides at the 1.0216 level. All in all, the pair remains biased to the downside in the medium term though seen attempting a recovery.
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