AUDUSD: Loses Upside Momentum, Targets Further Weakness.

AUDUSD: Loses Upside Momentum, Targets Further Weakness.

AUDUSD: Although AUDUSD maintains its broader upside bias in the medium term, we expect corrective pullback to occur. Following an unsustained test of the 0.9303 level today, we believe that correction is underway. Support comes in at the 0.9200 level where a break will aim at the 0.9166 level. A cut through here will pave the way for a run at the 0.9132/7 levels and subsequently the 0.9100 level. Below here if seen will aim at the 0.8950 level. On the upside, resistance resides at the 0.9303 level where a break will open the door for a run at the 0.9446 level and subsequently the 0.9500 level. All in all, the pair remains biased to the upside on bull risks but vulnerable to the downside on correction.

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