With AUDUSD remaining weak and vulnerable in a corrective mode after losing steam at the 0.9460 level the past week, further downside pressure is envisaged.
Support lies at the 0.9334 level where a break will aim at the 0.9303/7 levels. A reversal of roles as support is likely to occur. Further down, support comes in at the 0.9250 level followed by the 0.9200 level where a break will turn focus to the 0.9166 level.
Resistance resides at the 0.9460 level where a break will aim at the 0.9500 level and subsequently the 0.9550 level. All in all, the pair remains biased to the upside on bull risks medium term but looks to weaken on correction.
Guest post by FX Tech Strategy
