An RBA easing bias and robust US economic data should push AUDUSD lower this week. In addition, our bearish AUDUSD technical view was recently encouraged by the break below support in the 0.7670/80 area on increased trading volumes. We are now looking for further downside in the near-term towards our initial targets near the 0.7530 year-to-date lows. A break below these lows would add to our bearish conviction and signal further downside towards a cluster of support in the 0.7100 area that act as our greater targets.
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