AUDUSD: Faces Further Recovery Risk
AUDUSD: With AUDUSD strengthening on Tuesday, we expect more recovery to occur. 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 0.7800 level. A cut through here will turn attention to the 0.7850 level and then the 0.7900 level where a violation will set the stage for a retarget of the 0.7950 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.
