25 July 2008
Last Updated on 24 August 2012
Mohammed Isah
AUDUSD: Reverses Gains, Weakens.
AUDUSD: Having reversed its three-day gains following a sell off on Thursday and a follow-through today, the risk of further declines continues to build up. The immediate support lies at the 1.0380 level with a breach aiming at the 1.0290 level followed by the 1.0200 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, the pair will have to return above the 1.0611 level to annul its present bearishness. This could open further upside risk towards the 1.0650 level. Further out, resistance resides at the 1.0700 level.. All in all, the pair continues to face its corrective downside tone.
AUDUSD: Takes Out Major Resistance, Resumes Long Term Uptrend
AUDUSD: With the pair breaking through the 1.1009 level, its 2011 high on Tuesday and following through higher in early trading today, further upside gains are likely in the days ahead. This is coming on the back of a recovery tone set from the 1.0389 level, its Jun 27’2011 low. Further gains now targets the 1.1100, its psycho level with a cut through there allowing for more strength towards the 1.1200 level, its psycho level and possibly higher towards the 1.1300 level. Its daily and weekly RSI are bullish and pointing higher suggesting further gains. On the downside, the 1.1009 level and the 1.0800 level, its July 13’2011 high come in as supports. As long as these levels hold as supports its present bullish build up remains intact. However, the risk to our analysis will be a break and hold below the 1.0525 level, its July 12’2011 low followed by the 1.0389 level. Further down, support lies at its April 05’2011 low at 1.0287 and next its .618 Fib Ret.(0.9702-1.1009 rally) at 1.0200.
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