AUDUSD - Our bias on AUDUSD remains on price weakness as the pair remains weak and vulnerable to the downside. While its key resistance at 0.7974/80 zone cap upside moves, our bias remains to the downside. On the upside, resistance lies at the 0.7900 level. A cut through here will turn attention to the 0.7950 level and then the 0.8000 level where a violation will set the stage for a retarget of the 0.8050 level. On the downside, support resides at the 0.7800 level where a breach will aim at the 0.7750 level. Below that level will set the stage for a run at the 0.7700 level with a cut through targeting further downside towards the 0.7650 level. On the whole, AUDUSD continues to retain its broader downtrend pressure but faces recovery threats in the short term.
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