AUDUSD: Takes Out The 0.7094 Level, Eyes The 0.7269 Level.

AUDUSD: With the pair breaking through its key resistance at the 0.7094 level, its Mar 24’09 high and holding above there on Thursday, a continuation of that strength is expected to yield further upside gains towards the 0.7269 level, its range top/Jan 06’09 high. On a sustained penetration of the level, the 0.7400 level, its Psycho resistance will be aimed at ahead of the 0.7565 level, its.618 Ret(0.8520-0.6008 declines). Both the daily RSI and stochastics continue to advance and point towards higher prices. Downside objectives are seen at the 0.7094 level, its Mar 24’09 high initially which should now revert to support and turn the pair higher again. Breaking below there will invalidate our upside scenario and bring losses towards the 0.6850 level, its Feb 09’09 high with a break below there accelerating further downside weakness towards the 0.6527 level, its Mar 04’09 high and the 0.6249 level, its Feb 02’09 low.Overall,we envisage that the pair should head higher towards the 0.7269 level and may be even higher.

Support Comments
0.7094 Mar 24’09 high
0.6850 Feb 09’09 high
0.6527 Mar 04’09 high

Resistance Comments
0.7269 Range top
0.7400 Psycho level
0.7565 .618 Ret(0.8520-0.6008 declines)


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