With AUDUSD maintaining its downside momentum and breaking below the 1.0000 level and its Nov 30'2011 low at 0.9942 level during Wednesday trading session, further bearishness is expected in the days ahead. This will leave the pair targeting the 0.9796 level, its Nov 11'2011 low. A breach of here will turn focus to its Nov'2011 low at 0.9663 level and possibly lower towards the 0.9600 level. Its daily RSI is bearish and pointing lower supporting this view. Alternatively, on any recovery, AUDUSD will aim at the 1.0047 level, its Dec 09'2011 low where a violation will push it further higher towards the 1.0156 level, its Dec 06'2011 low. A reversal of roles as resistance is likely at this level but if it breaks, further strength should build up towards the 1.0378 level, its Nov 08'2011 high and then the 1.0444 level, its Nov 03'2011 high followed by the 1.0569 level, its Oct 31 high. All in all, the pair remains vulnerable to the downside on continued weakness.
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