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The AUD/USD pair fell heavily during the previous week as the 1.02 level is now being tested. This area is a significant support and resistance level over the historical charts, and as such we think that this area will be difficult to break through. However, it does look very bearish at this moment in time, and we certainly aren't comfortable going long. Because of this, we need to see a daily close well below the 1.0180 level in order to start selling, or a daily close well above the 1.02 level in order to start buying. We think that the downside is only going to run to the 0.97 level, and the upside only has room to run to about the 1.06 level.