AUDUSD: Bears eying 0.78850 resistance by Reece Marini

AUDUSD H1

AU1

The next resistance level to keep a close eye on is the 1:1 (Pink) at 0.78850, with the Aussie in a strong down trend medium term bears will be looking to add to short positions with little support of note on the downside. However the Aussie is heavily oversold so keeping stops tight when selling into any rallies will be the best play, as a break back above the 1:1 (Pink) will likely see short covering pick up.

* A 1:1 refers to a current correction being equal in length to a prior correction

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