Search ForexCrunch

AUDUSD: Having halted its downside weakness and triggered a recovery higher, further move higher is expected. On the downside, support resides at the 0.8034 level where a breach will aim at the 0.7950 level.

Below that level will set the stage for a run at the 0.7900 level with a cut through targeting further downside towards the 0.7850 level. On the upside, resistance lies at the 0.8150 level.

A cut through here will turn attention to the 0.8200 level and then the 0.8300 level where a violation will set the stage for a retarget of the 0.8350 level. On the whole, AUDUSD continues to retain its broader downtrend.