GBPUSD:Holding Above Rising Trendline With Eyes On The 1.5373 Level.

GBPUSD: Having held above its rising trendline and broken above its psycho level at 1.5000, further upside gains are expected as the pair closed higher at 1.5138. Our upside outlook remains valid as long as the pair continues to trade above its rising trendline initiated at the 1.3654 level, its Mar 11’09 low. Beyond the 1.5373 level, its Jan 08’09 high will set the stage for additional upside towards its daily 200 emacurrently residing at 1.5443. The daily momentum indicators remain bullish suggesting further upside strength. Downside target is at first located at the 1.5000 level ahead of its Feb 09’09 high at 1.4986 where a cap is expected to turn the pair higher again. Further down, supports are situated at the 1.4662 level, its Feb 23’09 high and its April 22’09 low at 1.4396 with the next downside objective located at the 1.4305 level, its Mar 06’09 high. All in all, having returned above its key resistance and held above its rising trendline, GBP now looks to target further higher prices .

Support /Comments

1.5000/1.4981 Feb 09’09 high/psycho level

1.4662 Feb 23’09 high

1.4396 April 22’09 low

Resistance Comments

1.5066 April 16’09 high

1.5373 Jan 08’09 high

1.5722 Dec 17’08 high

AUDUSD: Resumes Its Short Term Uptrend.

AUDUSD: The pair continues to build on its recent upside recovery reversing its intra-day losses to close higher at 0.7481 on Wednesday. Risk for additional upside gains has opened towards the 0.7565 level, its .618 Ret(0.8520-0.6008 declines) ahead of the 0.7800 level, its psycho level. Both its daily and weekly momentum indicators are bullish suggesting further strength. On the downside, the 0.7400 level, its Psycho level and the 0.7325 level, its April 13’09 high come in as the next downside objective followed by its 200 emaat 0.71562 and then its April 20’09 low at 0.6978/52. Overall, with the clearance of the 0.7325 level seen further upmove is now expected.

Support/ Comments

0.7400 Psycho level

0.7325 April 13’09 high

0.7153 Daily 200 ema

Resistance Comments

0.7565 .618 Ret(0.8520-0.6008 declines)

0.7800 Psycho level

0.8518 Sept 22’09 high