AUDUSD- Having corrected for two days from its recent high at 0.8787, AUDUSD was seen closing higher on Monday suggesting that it has ended the said declines and now preparing to resume its MT uptrend. A break and hold above the 0.8787 level will have to materialize to resume that uptrend and bring further gains towards the 0.8810 level, its Aug 17'08 high with a violation of there targeting its Aug 10'08 high at 0.8950. Its daily studies have turned higher supporting this view. On the downside, the 0.8594 level, its Sept 28'09 low is now seen as the immediate support with a cut through there paving the way for a run at its Sept 14'09 low at 0.8543 where a breach will open the door for further downside towards the 0.8476 level, its Aug 08'09 high. On the whole, with corrective declines now halted, AUDUSD now focuses on the resumption of its medium term uptrend triggered off the 0.6246 level.

Daily Chart: AUDUSD

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