AUDUSD-Although the pair tested its Dec’14’09 high at 0.9173 and failed to break through it to close marginally lower on Tuesday, AUDUSD still maintains its corrective strength embarked upon from the 0.8733 level, its Dec’09 low. That suggests that we might see another attempt at the 0.9173 level again where a clean violation will trigger further price extension towards the 0.9321 level, its Nov 25’09 high with a break opening the door for a run at its YTD high at 0.9404. Its daily studies are bullish and pointing higher suggesting further strength. On the downside, to resume its decline off the 0.9404 level, the pair must overcome its ST swing low at the 0.8733 level. Further down, its psycho level located at the 0.8600 level comes in as the next support with a turn below there targeting the 0.8567 level, its Oct 02’09 low. We see the present strength as corrective of its declines off the 0.9404 level.
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