AUDUSD:The pair remains biased to the upside having held firmly above the 0.9078 level. This has created scope for more upside towards the 0.9219 level. While this level may present a considerable resistance on initial test, we believe it should give way for a run towards its May 04'10 high at 0.9265.
A clean penetration of that level will clear the way for more recovery towards its April 21'10 high at
0.9337 and then the 0.9404 level, its Nov'16'10 high. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, on weakness the 0.9078 level just eroded should come in as the initial target with a loss of there aiming at the 0.8770 level followed by the 0.8736 level and then the 0.8632 level, its July 19'10 low.