AUDUSD: Weakens, Targets The 1.0100 Level & Below

AUDUSD: As indicated in our weekly outlook, AUDUSD extended its broader medium term weakness during Monday trading today. With the pair now holding below the 1.0200 level and testing a low of 1.0114 level, there is risk of further downside pressure. The immediate support resides at the 1.0100 level where a break will target its big psycho level at the 1.0000 level. A breather could occur here and turn it higher. Its daily RSI is bearish and pointing lower supporting this view. On the upside, the pair will have to return above the 1.0200 level to reduce its present downside pressure. This if seen will call for a run at the 1.0250 level and then the 1.0300 level. Further out, resistance comes in at the 1.0374 level. All in all, the pair remains vulnerable to the downside on further weakness.