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

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.