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AUDUSD Threatening Further Downside Pressure

AUDUSD remains biased to the downside in the new week. On the downside, support comes in at the 1.7650 level. A cut through here will turn focus to the 0.7600 level and then the 0.7550 level. A violation will set the stage for a retarget of the 0.7500 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance lies at the 0.7750 level where a breach will aim at the 0.7800 level. Above here will open the door for a run at the 0.7850 level and then the 0.7900 level. On the whole, AUDUSD faces further downside threats.

Mohammed Isah is a co-founder, technical strategist and head of research at FXAssure.com. He has been trading and analyzing the foreign exchange market for the past 7 years. He formerly traded stocks before crossing over to the forex market where he worked for FXInstructor LLC as a technical analyst and head of research before Joining FXassure.com.

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