AUDUSD: Focus Turns To The 0.7197 Level

AUDUSD: The pair remains weak and vulnerable to the downside triggering further weakness during Wednesday trading session today. This is coming on the back of its failed recovery attempt on Tuesday. On the downside, support comes in at the 0.7197 level where a breach will aim at the 0.7150 level. Below that level will set the stage for a run at the 0.7100 level with a cut through here targeting further downside pressure towards the 0.7050 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 0.7300 level where a break if seen will threaten further upside towards the 0.7381 level. A violation will set the stage for a retarget of the 0.7450 level. On the whole, AUDUSD continues to retain its short term downside bias.