Daily Technical Strategist: AUDUSD

May 24, 2013 in Forex Analysis

AUDUSD: Bearish, Weakens.

AUDUSD: With AUDUSD seen reversing its recovery attempts on Thursday, there is risk of further downside. Support comes in at the 0.9592 level where a break will target the 0.9500 level. Other supports are located at the 0.9450 level and the 0.9400 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, immediate resistance resides at the 0.9700 level followed by the 0.9800 level and then the 0.9851 level. Further out, resistance resides at the 0.9900. All in all, the pair remains biased to the downside medium term.

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