AUDUSD: Weakens On Bear Pressure

AUDUSD. The pair turned lower on Tuesday  and followed through lower on Wednesday. On the downside, support resides at the 0.7450 level where a breach will aim at the 0.7400 level. Below that level will set the stage for a run at the 0.7350 level with a cut through here targeting further downside pressure towards the 0.7300 level. On the upside, resistance lies at the 0.7550 level. A cut  through here will turn attention to the 0.7600 level and then the 0.7650 level where a violation will set  the stage for a retarget of the 0.7700 level. On the  whole, AUDUSD remains biased to the downside.

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