AUDUSD: The pair is on its second day of upside offensive following a recovery off the 0.9155 level on Monday. With that said, further strength is likely towards the 0.9387 level, its Jan 14’10 high with a cut through there allowing further upmove towards its 2009 high at 0.9404. A convincing break of there will resume its medium term uptrend and set the stage for a push higher towards its July 27’08 high at 0.9592 and then its 2008 high at 0.9848. On the downside, support starts at the 0.9244 level, its April 17’10 high with a loss of there targeting the 0.9155 level, its April 19’10 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. Overall, the pair continues to hold its broader medium term uptrend and should retarget the 0.9387 level and finally the 0.9404 level.
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