AUDUSD Faces Price Recovery Extension, Eyes 0.7196 Zone

Mohammed Isah FXTechstrategy

AUDUSD faces price recovery extension as it headed higher during early Monday trading today. Support resides at the 0.7100 level where a breach will aim at the 0.7050 level. Below that level will set the stage for a run at the 0.7000 level with a cut through here targeting further downside pressure towards the 0.6950 level. On the upside, resistance lies at the 1.7150 level. A cut through here will turn attention to the 0.7200 level and then the 0.7250 level where a violation will set the stage for a retarget of the 0.7300 level. Its daily RSI is bearish and pointing higher suggesting further strength. On the whole, AUDUSD faces further upside threats on correction.

Author

Mohammed Isah

FXTechstrategy

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market since 2010.

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