AUDUSD: Bearish, Eyes The 0.8822 Level.

[FXTechstrategy]

AUDUSD: We continue to hold our downside outlook on AUDUSD as it remains weak and declining. This development leaves the pair targeting the 0.8822 level, its Dec 19 2013 low where a break will aim at further downside towards the 0.8750 level. Further down, support stands at the 0.8700 level, its big psycho level. Its daily RSI is bullish and pointing lower supporting this view. On the upside, resistance resides at the 0.8970 level with a breach targeting the 0.8950 level followed by the 0.9004 level, its Jan 03 2014 low. A cut through here will aim at the 0.9200 level. Further out, resistance comes in at the 0.9166 level. All in all, the pair remains bearish in the medium term on further downside pressure.

[piplaser]

From the above chart, it can concluded that, the pair is bullish bias. We can see that, at 7.00 am today, the price went to a low of 0.72334, the stochastic also touched a low of 28.87. we expected that both the price and the stochastic could have touched the same locations again in future at exactly at the same time. But as it appears, the stochastic is already below the line 28.87, while the price is still way above its previous level. This is a possible opposite situation.

Trade Recommendations
Traders should get their buy orders ready, and buy upon a clear bounce at 0.7333 and stop at 0.7386.