AUDUSD: With AUDUSD halting its weakness on Friday, the past week (see daily chart) and triggering a recovery during Monday trading session, further recovery higher is now envisaged in the days ahead. On the downside, support resides at the 0.7700 level where a breach will aim at the 0.7650 level.
Below that level will set the stage for a run at the 0.7600 level with a cut through targeting further downside towards the 0.7550 level. On the upside, resistance lies at the 0.7850 level. A cut through here will turn attention to the 0.7900 level and then the 0.7950 level where a violation will set the stage for a retarget of the 0.8000 level.
On the whole, AUDUSD continues to retain its broader downtrend pressure but faces an immediate correction.
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