FXstreet.com (Barcelona) - The Australian Dollar remains consolidating above 0.8700 after having broken through 0.8675 to hit a fresh 12 month high at 0.8730, and according to Mohammed Isah, technical analyst at FXTechstrategy, targeting 0.8810.
Isah sees the Aussie strong enough to continue uptrend towards Aug 08 high at 0.8810: More strength continues to be seen as AUDUSD was seen breaking above its brief consolidation high at 0.8674 in early trading today targeting the 0.8810 level, its Aug 17'08 high. Its broader medium term uptrend triggered off the 0.6246 level in Feb'09 remains on course as a break of the latter level will put the pair on the path to further upside gains towards the 0.8950 level, its Aug 10'08 high.
On the downside Isah sees initial support at 0.8674 level, the Sept 11'09 high: Downside objectives are located at the 0.8674 level, the Sept 11'09 high and then the 0.8543 level, its Sept 14'09 low. Others are located at the 0.8476 level, its Aug 14'09 high and its Jun'09 high at 0.8262.