AUDUSD: Pressure Remains To The Upside.
AUDUSD: A sharp rally on Wednesday put the pair on another day of a positive close which now opens up upside risk towards its Feb 09’09 high at 0.6850.On a convincing break and hold above there, its range top at 0.7269 will be under attack where a breach if seen could bring the pair out of its present broader range and trigger upside gains towards the 0.7356 level, its Oct 07’09 high though the 0.7269 level may initially reject such incursions. Its daily studies are heading higher supporting this view. On any pullback from the current price levels, its Mar 04’09 high at 0.6527 will initially be targeted followed by its Feb 02’09 low at 0.6249 with a cut through there paving the way for a run at its 2008 swing low at 0.6008 level. On the whole, upside momentum build up remains intact and AUDUSD should see further upmove which is now supported by across the board dollar weakness.
0.6527 Mar 04’09 high
0.6249 Feb 02’09 low
.6008 Oct’08 low
0.6850 Feb 09’09 high
0.7269 Range top
0.7356 Oct 07’09 high
Daily Chart: AUDUSD
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