AUDUSD: As a top is now in place following a break through the 0.8576 level, its Feb 05'10 low the past week, threats are building up for further declines towards its big psychological level located at 0.8000. While hesitation is likely at this big support level, we expect it to eventually break on further bear attacks thus creating scope for more weakness towards the 0.7700 level, its July 2009 low. This level is within the vicinity of its double top pattern target at 0.7723. A break below there will drive the pair further lower towards its July 17'10 low at 0.7449. The weekly and monthly studies are bearish and pointing lower supporting this view. However, if its Friday rally metamorphosed into a full-blown corrective recovery, then we should see the pair targeting its Mar 20'10 high at 0.8467 where a breach will propel it further towards the 0.8576 level. This level is expected to reverse roles and provide resistance thus turning the pair lower in line with its broader weakness. All in all, with a top seen and a follow-through lower occurring, further weakness is likely towards the 0.8000 level and even lower.