With corrective recovery attempts failing and AUDUSD continuing to trade below its key support at the 1.0465 level, risk remains lower. In such a case, there is risk of a return to the 1.0244 level where a violation 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, 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