AUDUSD. Having the pair capped its strength at 0.7593 level to close lower on Monday, a move further lower is now underway. On the downside, support resides at the 0.7450 level where a breach will aim at the 0.7400 level. Below that level will set the stage for a run at the 0.7350 level with a cut through here targeting further downside pressure towards the 0.7300 level.
On the upside, resistance lies at the 0.7600 level. A cut through here will turn attention to the 0.7650 level and then the 0.7700 level where a violation will set the stage for a retarget of the 0.7750 level. On the whole, AUDUSD remains biased to the downside on corrective pullback.
Our latest podcast is titled Digesting Draghi & Fired for the FedGet the 5 most predictable currency pairs