AUD/USD Weakness Sets Up For The 0.7041 Zone

AUD/USD: The pair weakened on Tuesday and was seen weakening further during early trading on Wednesday. On the downside, support comes in 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. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 0.7200 level where a break if seen will threaten further upside towards the 0.7250 level. A violation will set the stage for a retarget of the 0.7300 level. On the whole, AUD/USD continues to retain its short term downside bias.