With a shooting star candle (top reversal signal) formed and a follow through lower seen, there is risk of further declines in the days ahead. In such a case, the 0.9735 level will be targeted where a violation will call for a run at the 0.9584 level. A breach will pave the way for a move further lower towards the 0.9500 level. Its daily RSI is bearish and pointing lower supporting this view. The alternative scenario will be for AUDUSD to return above the 1.0001 level where a violation will call for a run at the 1.0050 level where a break will call for a run at the 1.0143 level. Further out, resistance resides at the 1.0216 level. All in all, the pair remains biased to the downside having ended its corrective recovery.

Daily