AUDUSD (0.7134): The Australian Dollar managed to break past the breached support level at 0.7022 which did not offer much resistance. The rebound in price action saw the currency closing with strong gains. In the near term, following a modest dip, the upside momentum is likely to be maintained. The next main target for the AUDUSD comes in at 0.7191 level which has previously held up as resistance. As a result, the AUDUSD could soon settle into the range within 0.7191 and 0.7027. A further breakout from this range could establish the next leg in the direction of the trend. The recent declines coincided with the retest of the longer term trend line. As a result, we can conclude that support is likely to be firm at the 0.6936 level.
