AUD/USD Weekly Outlook

13 March 2010 @ 09:53 am EDT

AUD/USD's rally from 0.8577 extended further to as high as 0.9193 last week. While upside momentum is diminishing, another rise will remain in favor as long as 0.9053 minor support holds. Current rally is still expected to continue towards 100% projection of 0.8577 to 0.9070 from 0.8802 at 0.9295 next. However, break of 0.9053 will argue that a short term top is formed and should bring deeper pull back towards 0.8802 support instead.

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