AUDUSD (0.7850): The AUDUSD was seen giving back the gains yesterday and today’s price action saw prices rallying briefly. With the breakout from the falling median line, we do expect AUDUSD to push higher. However, in the near term, the downside could see prices retesting the recently broken resistance level at 0.7800. Establishing support at this price level could potentially signal a correction to the upside with 0.7957 as the eventual target. In the event that the support fails to hold near 0.7800, the bias will shift to the downside with AUDUSD likely to post further declines.
