With AUDUSD rallying off the 1.0177 level to close higher on Wednesday, price extension is likely. In such a case, the 1.0442 level will be targeted with a clearance of there allowing for more strength towards the 1.0473 level, its April’2012 high. Above here if seen will expose the 1.0500 level and then the 1.0550 level. Its daily RSI is bullish and pointing higher suggesting further upside. The alternative scenario will be for the pair to return below the 1.0177 level. This will expose the 1.0098 level where a break target the 0.9967 level and possibly lower. All in all, the pair continues to retain its short term bullish tone.

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