AUD/USD: Faces Corrective Weakness Risk

AUD/USD. The pair continues to hold on to its corrective pullback bias despite its present price hesitation. Except it returns above the 0.7834 level, we see further correction occurring. On the downside, support resides at the 0.7650 level where a breach will aim at the 0.7600 level. Below that level will set the stage for a run at the 0.7550 level with a cut through here targeting further downside pressure towards the 0.7500 level. On the upside, resistance lies at the 0.7750 level. A cut through here will turn attention to the 0.7800 level and then the 0.7850 level where a violation will set the stage for a retarget of the 0.7900 level. On the whole, AUD/USD remains biased to the downside on corrective pullback.

AUD/USD Daily Chart

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