AUDUSD: AUDUSD closed strongly higher the past week leaving risk of further strength in the new week. While it can trade and hold above its broken resistance turned support at 0.7279 level, we think more gain should occur. On the upside, resistance lies at the 0.7400 level. A cut through here will turn attention to the 0.7450 level and then the 0.7500 level where a violation will set the stage for a retarget of the 0.7550 level. On the downside, support resides at the 0.7300 level where a breach will aim at the 0.7250 level. Below that level will set the stage for a run at the 0.7200 level with a cut through here targeting further downside towards the 0.7150 level. On the whole, AUDUSD continues to retain its short term upside pressure.
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