AUDUSD: With AUDUSD now holding above its key resistance at the 1. 0222 level, there is risk of further upside gains towards its May 03’2012 high at 1.0325. A cap could occur here and possibly turn the pair lower but if that level gives in further strength should build up towards its psycho level at 1.0400. Its daily RSI has turned higher supporting this view. On the other hand, if its present upside attempt fails, expect the pair to return to the 1.0222 level where a reversal of roles as support is likely to occur. However, on a failure of that level, the 1.0150 level will be aimed at followed by the 1.0000 level and then the 0.9967 level. A trade below here will set the stage for a run at the 0.9819 level. All in all, the pair continues to retain its recovery tone.
