Having failed to break and hold above the 1.0611 level and tumbled lower, price extension cannot be ruled out. This suggests that AUDUSD could face further bear threats towards the 1.0419/1.0399 levels. Below here if seen could force further declines towards the 1.0320 level. Further down, support comes in at the 1.0200 level followed by the 1.0165 level. Its daily RSI is bearish and pointing lower supporting this view. In order for the pair to annul its present bear threats, it will have to break and hold above the 1.0611/23 level. This will push it further higher towards the 1.0700 level and possibly the 1.0853 level. All in all, the pair continues to face its corrective downside risk.
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