AUDUSD: Recovering With Eyes On The 1.0842 Level.

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AUDUSD: With a reversal of its Friday weakness occurring on Monday and a follow through now underway, AUDUSD is now preparing to eventually retarget its Feb 08'2012 high at the 1.0842 level. Above here will open further upside risk towards the 1.0900 level, representing its psycho level. Further out, the next upside target resides at the 1.1000/4 levels and ultimately, its July 27'2011 high at 1.1078. Its daily RSI has turned higher supporting this view. On the downside, the risk to our analysis will be a return below the 1.0627 level, its Feb 14'2012 low. If this occurs, the pair should push further lower towards the 1.0568/25 levels where a breather may occur. However, if this fails to happen, we could see the pair aiming at 1.0444 level. All in all, the pair remains biased to the upside medium term.




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About the Author

Mohammed Isah is a Technical Strategist and head of research at FXTechstrategy.com, a technical research website. He has been trading and analyzing the foreign exchange market for the past 7 years.

He formerly traded stocks before crossing over to the forex market where he worked for FXInstructor LLC as a technical analyst and head of research before Joining FXTechstrategy.com. Mohammed has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine,Thestreet.com, The Forex Journal Magazine, and The International Business Times etc.

At FXTechstrategy.com he writes daily and weekly technical commentaries on currencies and commodities which are offered to its clients. He provides full coverage of the forex market with specific daily focus on 7 currencies (EURUSD, GBPUSD, USDJPY, EURGBP, EURJPY, AUDUSD and USDCAD) and the Dollar Index utilizing various technical tools and strategies. He also covers the commodities market twice in a week focusing on in-depth technical developments in GOLD, CRUDE OIL, SILVER, CORN, WHEAT and CRB Index.

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