The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK (
) -- With continued bearish momentum violating the 0.9752 level, the immediate risk for the AUD-USD pair remains toward the Oct. 6 low of 0.9620.
On continued weakness, the 0.9524 level, its rising trendline, will be targeted, followed by the Oct. 4 low of 0.9386. Its daily and weekly RSI are bearish and pointing lower suggesting further weakness.
On the other hand, AUD-USD may be hesitating. But it will have to break and hold above the 1.0312 and the 1.0441 levels to reduce its downside pressure and then target the Oct. 31 high of 1.0569. A breach here will turn focus to the Oct. 27 high of 1.0749.
All in all, the pair remains weak and vulnerable to the downside in the short term.
Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces
for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.