AUDUSD: Upside Threats Seen
AUDUSD- The pair was seen strengthening today shrugging off its Tuesday negative close and leaving further upside risk beyond its YTD high at 0.9327. Having said that, a convincing invalidation of the 0.9327 level will resume the pair's medium term uptrend and put further upside pressure on the 0.9592 level, its July 27'08 high ahead of the 0.9790 level, its July 20'08 high. Its daily RSI and stochastics are bullish and trending higher suggesting further strength. Support starts at the 0.9275 level, its Oct 26'09 high ahead of the 0.9142 level, its Nov 04'09 high with a break targeting the 0.8994 level where its MT rising trendline is located. A cap is expected there. On the whole, the pair remains biased to the upside nearer term with eyes on its medium term resumption.
Daily Chart: AUDUSD