AUDUSD: Bearish, Risk Points To The 0.8997 Level.

[FXTechstrategy Team]

AUDUSD: With a sell of ending AUDUSD’s recovery on Wednesday, it faces the risk of an eventual return to the 0.9000/0.8997 levels. A breach of here will call for a run at the 0.8900 level and possibly lower towards the 0.8850 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, AUDUSD will have to retarget the 0.9305/44 levels to validate its temporary bottom forming scenario. Further out, resistance comes in at the 0.9400 level and next the 0.9450 level. All in all, the pair remains biased to the downside medium term.

 

[xProphet]

I see sideways movement and would be cautious entering any bearish trades until a close below 0.8892. At that point (pending analysis on said event.) I would get backing into the trend.