With a follow through lower seeing the pair eroding the 1.0389 level, its Jun'27 '2011 low during Monday trading today, further bearishness is expected towards its April 05'2011 low at 1.0287. AUDUSD has been under pressure since collapsing off the 1.1078 level on July 28'2011. On a cut through the 1.0287 level, the pair will weaken further towards its .618 Fib Ret. (0.9702-1.1009 rally) at 1.0200. Its daily RSI is bearish and pointing lower suggesting further weakness. Alternatively, while the pair still maintains its long term uptrend (clearly seen on the weekly chart), it must break and hold above its 2011 high at 1.1078 to end its present bear threats and activate further gains towards the 1.1100, its psycho level followed by the 1.1200 level. Further out, resistance comes in at the 1.1300 level.

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