AUDUSD: With the pair’s failure to recapture the 0.9085 level triggering price consolidation, more downside pressure could be building up.
Support lies at the 0.8926 level and then the 0.8900 level. However, in case it fails to follow through lower, expect AUDUSD to retake the 0.9080/5 levels.
A cut through here will resume its short term uptrend towards the 0.9150 level where a break will pave the way for a run at the 0.9200 level and subsequently the 0.9250 level.
Conversely, below the 0.8926/00 levels will mean further downside could be seen towards the 0.8887 level and followed by the 0.8800 level. All in all, the pair remains biased to the upside on corrective recovery.
Guest post by FX Tech Strategy
