AUDUSD: Set To Return Above The 0.9387/0.9404 Levels

AUDUSD: In spite of the AUDUSD's one-day decline, we continue to maintain our bullish outlook on it with the major barriers being its 2010/2009 high at 0.9387/0.9404. A convincing invalidation of there is required to trigger the resumption of its medium term uptrend towards its July 27'08 high at 0.9592 and then its 2008 high at 0.9848. While it continues to trade and hold above its medium term rising trendline, our upside bias remains valid. On the downside, support starts at the 0.9250 level, its Mar 17'10 high with a loss of there targeting the 0.9163 level, its April 06'10 high followed by its long term rising trendline at 0.9075. A breather should occur there and possibly turn AUDUSD higher again. Further out, support lies at its Mar 26'10 low at 0.8999. Al in all, the pair continues to retain its broader medium term uptrend and should retarget the 0.9387 level and ultimately the 0.9404 level.

Mohammed Isah
Market Analyst
www.fxtechstrategy.com

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