AUDUSD: The pair continues to maintain its upside tone as it looks to convincingly break and hold above its key resistance at the 1.0444 level, its Nov 03’2011 high. AUDUSD has been strengthening since triggering a rally off the 0.9663 level in Nov’2011. A loss of the 1.0444 level will turn focus to the 1.0569 level, its Oct 31 high. Its daily RSI is bullish and pointing higher suggesting further. On the downside, the risk to this analysis will be a return to the 1.0141 level, its Jan 09’2012 low where a breach will set the stage for a run at the 1.0042 level, its Dec 29’2011 low. Further down, support lies at the 0.9861 level and the 0.9796 level, its Nov 11’2011 low. All in all, the pair faces the risk of strengthening further having taken out its key resistance.
