AUDUSD: With a sharp rally seeing AUDUSD triggering a full blown corrective recovery on Tuesday, we expect a continuation of that move in today’s trading session. This was seen building up as at the time of this analysis and could push the pair further higher towards the 1.0160 level. A cut through here if seen will expose its 200 daily ema currently located at 1.0217. Further out, resistance comes in at the 1.0378 level followed by the 1.0444 level, its Nov 03’2011 high followed by the 1.0569 level, its Oct 31 high. Its daily RSI is bullish and pointing higher supporting this view. The alternative scenario will be a return to the 0.9861 level with a loss of there calling for further decline towards the 0.9796 level, its Nov 11’2011 low. A breach of here will turn focus to its Nov’2011 low at 0.9663 level and possibly lower towards the 0.9600 level. All in all, the pair remains biased to the upside on correction.
