AUD/USD remains weak and vulnerable to the downside with risk of more weakness on the cards. Its big support lies at the 0.6926/0.6899 zone. However, we may see a recovery higher on correction in the new week following its last week sell off. On the downside, support resides at the 0.7000 level where a breach will aim at the 0.6950 level.
Below that level will set the stage for a run at the 0.6900 level with a cut through here targeting further downside towards the 0.6850 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 0.7100 level. A cut through here will turn attention to the 0.7150 level and then the 0.7200 level where a violation will set the stage for a retarget of the 0.7250 level. On the whole, AUD/USD continues to retain its long term downside pressure.
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