With AUDUSD reversing its gains to close lower the past week, there is likelihood of continued weakness in the new week. In such a case, the 1.0224 level will be targeted with a clearance of here calling for a move lower towards the 1.0200 level. Its weekly RSI is bearish and pointing lower suggesting further declines. The alternative scenario will be for the pair to return to the 1.0473 level. This will open the door for a run at the 1.0556 level and ultimately 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 on further weakness

Weekly