AUDUSD: Sells Off, Eyes Further Downside

February 6, 2013 in Forex Analysis

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AUDUSD: Price extension below the 1.0344 level is now seen following an early morning sell off. Further down, support resides at the 1.0300 level with a turn below here pushing it further lower towards the 1.0250 level and possibly the 1.0200 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, to reverse its present bearishness, AUDUSD will have to return above the 1.0457 level followed by the 1.0598 level and next the 1.0623 level, its Sept 2012 high. A cut through here will set the stage for a push higher towards the 1.0700 level. All in all, the pair maintains its downside vulnerability.

 

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