AUDUSD: Clears The 1.0800 Level, Targets Further Recovery.
AUDUSD: With a break and hold above the 1.0800 level, its July 13’2011 high now seen, the challenge for the pair is the 1.0888 level, April 11’2011 high.This level must give way for AUDUSD to strengthen further towards the 1.1009 level, its 2011 high where a breach will resume its long term uptrend towards the 1.1100, its psycho level and possibly higher. Its daily RSI is bullish and pointing higher suggesting further gains. Alternatively, support comes in at the 1.0800 level where a reversal of roles is expected to occur and turn the pair higher. However, if that level fails, the risk will be a break and hold the 1.0389 level, its Jun 27’2011 low. In such a case, its April 05’2011 low at 1.0287 and next its .618 Fib Ret.(0.9702-1.1009 rally) at 1.0200 will be targeted.
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