AUDUSD: Our outlook on AUDUSD remains to the upside as it continues to rally breaking and maintaining firmly above its daily 200 ema presently located at the 1.0257 level and the 1.0290 level, its Sept 29’2011 high. This technical development now leaves further upside risk towards the 1.0399 level, its Sept 16’2011 high. AUDUSD embarked on a corrective recovery following a temporary bottom set at the 0.9386 level on Oct 04’2011. On A cut through the 1.0399 level, the pair will aim at the 1.0441 level, its Sept 12’2011 high. Its daily RSI is bullish and pointing higher suggesting further strength. Alternatively, support stands at the 1.0257/90 levels where a reversal of roles is expected to turn the pair back up but if this fails, we should see a push further lower towards the 0.9983/26 levels. A breached of here will turn focus to the 0.9767 level, its Oct 10’2011 low. All in all, the pair remains biased to the upside on further corrective bullish offensive.
