AUDUSD: With AUDUSD cutting through the 1.0001/2 levels to resume its corrective recovery started from the 0.9584 level, risk of further strength continues to build up. However, we will have to see a firm hold above here on a weekly closing basis to convince the market of further upside gain. This if seen will set the stage for a run at the 1.0050 level with a breach targeting the 1.0143 level. Further out, resistance resides at the 1.0216 level. Its daily RSI is bullish and pointing higher, supporting this view. On the downside, the risk to this analysis is a return to the 0.9819 level. Further down, support comes in at the 0.9735 level where a violation will call for a run at the 0.9584 level. A breach will pave the way for a move further lower towards the 0.9500 level. All in all, the pair has resumed its corrective recovery suggesting further upside risks.
