AUDUSD: Maintains Nearer Term Bullish Structure.

AUDUSD: The pair continues to hold on to most its nearer term gains though seen backing off its intra day high at 0.9131 on Monday. We believe that while it trades above its Feb 23’10 high at 0.9070 and the 0.8932 level, its Feb 02’10 high, a retarget of the 0.9131 level is likely with a hold above there accelerating further upside towards the 0.9145 level, its Jan 21’10 high or even higher towards the 0.9277 level, its Jan 18’10 high and ultimately, its 2009 high located at 0.9410. Its daily and weekly RSI remain supportive of this view. On the other hand, a violation of the 0.9070 level, its Feb 23’10 high and its Mar 01’10 high at 0.8932 will turn risk to the downside towards the 0.8798 level, its Feb 25’10 low and next its long term rising trendline currently at 0.8710 where a cap is expected to turn the pair back up. On the whole, above the 0.9131/45 levels look to be traded as long as AUDUSD holds above the 0.9070/0.8932 levels or even the 0.8831 level.

 

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