AUDUSD: With AUDUSD continuing to face downside pressure as it followed through lower during Tuesday session, risk remains to the downside on more weakness.
On the downside, support lies at the 0.7400 level. A cut through here will turn attention to the 0.7350 level and then the 0.7300 level where a violation will set the stage for a retarget of the 0.7250 level.
On the upside, resistance resides at the 0.7500 level where a breach will aim at the 0.7550 level. Below that level if seen will set the stage for a run at the 0.7600 level with a cut through here targeting further downside towards the 0.7650 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.
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