AUD/USD: We continue to hold our downside outlook on AUD/USD as it remains weak and declining. This development leaves the pair targeting the 0.8822 level, its Dec 19 2013 low where a break will aim at further downside towards the 0.8750 level.
Further down, support stands at the 0.8700 level, its big psycho level. Its daily RSI is bullish and pointing lower supporting this view.
On the upside, resistance resides at the 0.8970 level with a breach targeting the 0.8950 level followed by the 0.9004 level, its Jan 03 2014 low. A cut through here will aim at the 0.9200 level.
Further out, resistance comes in at the 0.9166 level. All in all, the pair remains bearish in the medium term on further downside pressure.
Guest post by FX Tech Strategy
