With a second day of recovery now seeing the pair rallying, AUDUSD is now preparing to return to its Dec 08'2011/Jan 03'2012 highs at 1.0378/84. If this materializes, further upside offensive will shape up towards the 1.0444 level, its Nov 03'2011 high with a loss of there turning focus to the 1.0569 level, its Oct 31 high. Its daily RSI is bullish and pointing higher supporting this view. On the downside, the risk to this analysis will be a return to the 1.0141 level, its Jan 09'2012 low where a breach will set the stage for a run at the 1.0042 level, its Dec 29'2011 low. Further down, support lies at the 0.9861 level and the 0.9796 level, its Nov 11'2011 low. All in all, the pair faces the risk of returning to the 1.0378/84 levels and beyond.

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