The AUDUSD maintained some bearish momentum yesterday, topped at the 0.9528 levels, bottomed at the 0.9426 levels. The AUDUSD will have to hold below the 0.9426 levels on a daily closing basis to confirm topping at the 0.9528 levels and push the market for further downside losses,If seen , It will target the 0.9223 levels , a halt is suggested but a breach will turn the focus on the 0.9115 levels , further downside will aim the 0.8971 levels.
Alternatively, a failure to hold below the 0.9426 level on a daily closing basis, could mean a return to the 0.9528 levels, a breach will target the 0.9555 levels, further upside will aim the 0.9656 levels, a halt is suggested, more upside will look for the 0.9792 levels.
In all, the AUDUSD will remain biased to the upside as long as 0.9426 holds on a daily closing basis with risk towards the 0.9528/0.9555 levels ahead of the 0.9656 levels, only a break below 0.9426 would reverse risks to the downside.
Support and resistance levels (daily chart) : 0.8847, 0.8971 , 0.9115 , 0.9223 , 0.9426 , 0.9528 , 0.9555 , 0.9656 , 0.9792 , 0.9960, 1.0221 , 10.310