AUDUSD: Risk Developing Towards The 0.9848 Level.
AUDUSD: The pair’s outlook continues to point to the upside after rallying for a fifth week in a row the past week following its recovery triggered from the 0.8772 level. We see the pair trading further higher towards its 2008 high at 0.9848 with a violation of there setting the stage for a run at its psycho/parity level at 1.0000. We are closely watching how prices will react at these key levels which are expected to provide strong resistances. Its weekly studies are bullish and pointing higher supporting this view. To halt this view, a breach of the 0.9467 level and its 2009 high at 0.9404 must will have to occur thereby pushing AUDUSD further lower towards  the 0.9219 level, its Aug 06’10 high where a reversal of roles is likely.  However, if that level fails, bear pressure will develop towards the 0.9078 level. Overall, medium term risk remains to the upside as the pair looks to target the 0.9848 level.

AUDUSD: Risk Developing Towards The 0.9848 Level.

AUDUSD: The pair’s outlook continues to point to the upside after rallying for a fifth week in a row the past week following its recovery triggered from the 0.8772 level. We see the pair trading further higher towards its 2008 high at 0.9848 with a violation of there setting the stage for a run at its psycho/parity level at 1.0000. We are closely watching how prices will react at these key levels which are expected to provide strong resistances. Its weekly studies are bullish and pointing higher supporting this view. To halt this view, a breach of the 0.9467 level and its 2009 high at 0.9404 must will have to occur thereby pushing AUDUSD further lower towards  the 0.9219 level, its Aug 06’10 high where a reversal of roles is likely.  However, if that level fails, bear pressure will develop towards the 0.9078 level. Overall, medium term risk remains to the upside as the pair looks to target the 0.9848 level.

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