AUDUSD: Weakens, Breaks Support, Targets The 1.0300 Level (Special Focus).

[FXTechstrategy]

AUDUSD: With AUDUSD violating its key supports at the 1.0422/7 levels in early trading today, the risk is for it to weaken further.The pair is testing the 1.0366 level, its daily 200 ema and a decisive break of there will turn focus to its psycho level at 1.0300. Further down, support stands at the 1.0253 level, its .618 Feb Ret (0.9861-1.0853 rally). Its daily RSI is bearish and pointing lower supporting this view. The alternative scenario will be for the pair to return to its Feb 08'2012 high at 1.0853. Above here will end its present bear threats and open further upside risk towards the 1.0900 level, representing its psycho level. Further out, the next upside target resides at the 1.1000/4 levels and ultimately, its July 27’2011 high at 1.1078. Until this occurs, our bias remains lower on further weakness. All in all, the pair remains biased to the downside.