AUDUSD: Pressure Builds On The 1.0246/24 levels

By Roger Baettig | May 03 2012 9:56 AM

A return to the 1.0246/24 level could be building up as continued weakness is seen. As long as the pair continues to trade below its key resistance at the 1.0456 level, this view remains valid. A violation of the mentioned zone will call for more weakness towards its psycho level at 1.0200 and then the 1.0150 level. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, a return above 1.0450/65 levels is required to end its present downside threats. Further out, resistance resides at the 1.0465 level with a break and close above here paving the way for a run at the 1.0556 level and then the 1.0635 level. All in all, the pair remains biased to the downside short term.