AUDUSD:
Bullish Momentum Brings 0.8858 Into Focus.
AUDUSD: Having rallied strongly higher and reversed almost all of its losses started from the 0.8858 level, its Jun 21’10 high, upside
risks are now building for a recapture of that level. Its weekly RSI is bullish and pointing higher suggesting further strength. On an eventually break of the 0.8858 level, AUDUSD will resume its nearer term uptrend started from the 0.8065 level, its 2010
low and push towards its psycho level at 0.9000 and possibly higher. Alternatively, support lies at the 0.8500/65 zone with a breach targeting the 0.8314 level, its July 01’10 low and then its Jun 10’10 low at 0.8274 ahead of the 0.8065 level, its 2010 low. We expect this level to provide a strong support and turn the pair higher if tested. Overall, with downside weakness halted and bull pressure intact, further upside strength should now build up towards the 0.8858 level and beyond.
AUDUSD: Bullish Momentum Brings 0.8858 Into Focus.
AUDUSD: Having rallied strongly higher and reversed almost all of its losses started from the 0.8858 level, its Jun 21’10 high, upside risks are now building for a recapture of that level. Its weekly RSI is bullish and pointing higher suggesting further strength. On an eventually break of the 0.8858 level, AUDUSD will resume its nearer term uptrend started from the 0.8065 level, its 2010 low and push towards its psycho level at 0.9000 and possibly higher. Alternatively, support lies at the 0.8500/65 zone with a breach targeting the 0.8314 level, its July 01’10 low and then its Jun 10’10 low at 0.8274 ahead of the 0.8065 level, its 2010 low. We expect this level to provide a strong support and turn the pair higher if tested. Overall, with downside weakness halted and bull pressure intact, further upside strength should now build up towards the 0.8858 level and beyond.
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report
