AUDUSD: Sees More Bullish Momentum, Risk Points To The 1.0635 Level.
AUDUSD: With continued upside offensive seeing AUDUSD taking out the 1.0556 level the past week, risk of further bull pressure is likely. In such a case, its immediate resistance at the 1.0600 level will be targeted where a violation will set the stage for a run at the 1.0635 level, its Mar 19’2012 high. Further out, resistance resides at the 1.0700 level, its psycho level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, the alternative scenario will be for the pair to return to the 1.0556 level and then the 1.0442 level where a reversal of roles as support is likely to occur. But if these levels fail to hold, the pair will weaken further towards the 1.0380 level where a breach will aim at the 1.0290 and then the 1.0177 level. All in all, the pair continues to retain its short term bullish bias as it looks to strengthen further.
