With continued bearish momentum seen, AUDUSD is now set to return to the 1.0254 level. A break of here will call for a move lower towards its psycho level at 1.0200. The bigger support lies at the 1.0141 level, its Jan 09'2012 low where a violation will bring further declines towards the 1.0100 level. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, it will have to break and close above the 1.0556 level and the 1.0635 level to signal that a bottom is in place. If this occurs, the pair should build up further upside gains towards its Feb 08'2012 high at 1.0853. Above here will end its present bear threats and open further upside risk towards the 1.0900 level, representing its psycho level. All in all, the pair remains biased to the downside.

Daily