The pair is on the verge of resuming its long term uptrend following a strong rally to test a high of 1.1078 level before closing at 1.0987 on Friday. This development now leaves AUDUSD targeting an eventual break and hold above the 1.1009 level, its 2011 high. A breach of this level will resume its long term uptrend towards the 1.1100, its psycho level and then the 1.1200 level. Its weekly RSI is bullish and pointing higher suggesting further gains. On the downside, the 1.0800 level, its July 13'2011 high comes in as support. As long as this level holds as support its present bullish build up remains intact. However, the risk to our analysis will be a break and hold below the 1.0525 level, its July 12'2011 low followed by the 1.0389 level. Further down, support lies at its April 05'2011 low at 1.0287 and next its .618 Fib Ret.(0.9702-1.1009 rally) at 1.0200. All in all, with a continued bull pressure seen, risk of further gains is expected in the new week.
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