The AUDUSD maintained some bearish momentum last week, now the pressure will be on the 0.9276 levels.The AUDUSD will have to hold, below the 0.9284 levels on a weekly closing basis to push the market for further downside losses, If seen, It will confirm short term topping and flip bias back to the downside for retesting the 0.9068 levels , a breach will turn the focus on the 0.8891 levels further downside will aim the 0.8847 levels.
Alternatively, a failure to hold below the 0.9284 levels on a weekly closing basis could mean a return to the 0.9528 levels, a halt is suggested but a breach will turn the focus on the 0.9665 levels further upside will aim the 0.9960 levels.
In all, the pair will remain biased to the upside with risk towards the 0.9528/0.9665 levels as long as the 0.9284 levels hold on a weekly closing basis, losing the 0.9284 levels will reverse risks to the downside towards the 0.8891/0.9068 levels.
Support and resistance levels (weekly chart) : 0.8065 , 0.8316 , 08633 , 08847 ,0.8891, 0.9068 , 0.9284(Pivot),0.9528 , 0.9666, 0.9960 , 1.0310
Trend Strength (Weekly Chart):
- Bullish : above 0.9284
- Neutral : below 0.9284
- Bearish : below 0.8847
Recommendations : Buy on the break of 0.9528 (daily basis) or buy after rejection above 0.9284 (daily basis).OR sell after rejection below 0.9284 (daily basis).