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AUDUSD: With AUDUSD following through higher on the back of its Tuesday gains during Wednesday trading session, further price extension is envisaged.

On the upside, resistance lies at the 0.7950 level. A cut through here will turn attention to the 0.8000 level and then the 0.8050 level where a violation will set the stage for a retarget of the 0.8100 level. Its daily RSI is bullish and pointing higher supporting this view.

On the downside, support resides at the 0.7850 level where a breach will aim at the 0.7800 level. Below that level will set the stage for a run at the 0.7750 level with a cut through targeting further downside towards the 0.7700 level. On the whole, AUDUSD continues to retain its corrective upside pressure.

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