Breaks Above The 0.8262 Level, Resumes Its Medium Term Uptrend
AUDUSD: With the rally triggered off the 0.6246 level, its Feb'09 low pausing at the 0.8262 level, its early Jun'09 high and corrective pullbacks ensuing for almost two months, AUDUSD was seen breaking through the 0.8262 level today. This development has resumed the pair's medium term uptrend on hold since early Jun'09 and opened up upside risk towards the 0.8517 level, its Sept 21'08 high with a decisive invalidation of there clearing the way for a run at the 0.8810 level, its Aug 17'08 high. Its monthly and weekly studies are pointing higher suggesting further upside gains. However, on any pullbacks from its current price levels, the 0.8262 level just invalidated is expected to reverse roles and provide support thereby turning the pair higher again. Below that level if seen will call for further downside towards the 0.8071 level, its July 16'09 high and then the 0.8000 level with a loss of the latter aiming at the 0.7700 level where its July 16'09 low is located. With the current price action, the pair is likely to aim at higher prices having resumed its medium term uptrend after many weeks of consolidation.width=400