AUDUSD (0.7098): The Australian dollar extended the declines after price action broke past the lower support at 0.7191. The drops came after a brief period of consolidation between 0.7191 and 0.7292 levels of support and resistance respectively. The recent break down below the support could now see the Australian dollar extending the declines lower to test the support at 0.7022. A retest of this level to establish support could potentially mark the downside correction in prices. Alternately, any short term recovery in price could see the AUDUSD retesting the breached support level at 0.7191 to establish resistance.
