AUDUSD faces price recovery extension as it headed higher during early Monday trading today. Support resides at the 0.7100 level where a breach will aim at the 0.7050 level. Below that level will set the stage for a run at the 0.7000 level with a cut through here targeting further downside pressure towards the 0.6950 level.
On the upside, resistance lies at the 1.7150 level. A cut through here will turn attention to the 0.7200 level and then the 0.7250 level where a violation will set the stage for a retargeting of the 0.7300 level. Its daily RSI is bearish and pointing higher suggesting further strength. On the whole, AUDUSD faces further upside threats on correction.
