The pair has resumed its short term uptrend after reversing its previous week losses at the end of the week. This development now leaves the pair targeting further uptrend towards its May 03'2012 high at 1.0325. A cap could occur here and possibly turn the pair lower. The pair maintains a bullish upside momentum indicators suggesting further strength. On the downside, a return to the 0.9967 level is required to end its present upside offensive. This level may hold and turn the pair back up but if it fails, further declines could develop towards the 0.9819 level. Further down, support comes in at the 0.9735 level where a breach will call for a run at the 0.9584 level. All in all, AUDUSD now looks to strengthen further having resumed its short term uptrend.

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