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0.70 the Near-Term Target After........>

AUSSIE TECHS
AUSSIE TECHS: 0.70 the Near-Term Target
After falling away from the 0.72 level, AUDUSD's bearish reversal picked up pace
yesterday and fell further overnight on the release of the softer than expected
CPI print. At the time of writing the pair had traded as low as 0.7027 before
recovering very, very slightly to 0.7045. However, the focus remains on the
downside with the pair closing in on the March 8 low at 0.7003 and the 0.7000
handle. A break below here would return the focus to the 0.6741 level marking
the Jan 3 crash lows. To stabilise the outlook bulls need to recover the 0.7100
level while a break back above the 200-dma at 0.7185 would shift the outlook
positive and open 0.7226/46 which represents the 76.4% retracement of
0.7295-0.7003 & the Feb 6 high.

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