AUDUSD: We continue to retain our upside bias as AUDUSD looks to return to the 1.0330 level, its Nov 30’2011 high. A cut through here will leave the pair targeting the 1.0444 level, its Nov 03’2011 high followed by the 1.0569 level, its Oct 31 high. Further out, resistance resides at the 1.0749 level, its Oct 27’2011 high. Its daily RSI is bullish and pointing higher suggesting further strength. Alternatively, on any pullback from its current price levels, its Nov 25’2011 high at 1.0106 will be targeted. We expect the pair to see a breather here and possibly turn higher but if this fails to occur, further bear threats should push the pair further lower towards its Nov 30’2011 low at 0.9942 level. A breach of here will turn focus to its Nov’2011 low at 0.9663 level. All in all, the pair continues to sustain its recovery triggered from the 0.9663 level as it looks to return to the 1.0330/1.0444 level.
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