Currencies

AUD-USD: Upward Bias Remains

 

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AUD-USD: The pair remains biased to the upside, having held firmly above the 0.9078 level. This has created scope for more upside toward the 0.9219 level. While this level may present a considerable resistance on initial test, we believe it should give way for a run toward its May 4, 2010 high at 0.9265. A clean penetration of that level will clear the way for more recovery toward its April 21, 2010 high at 0.9337 and then the 0.9404 level, its Nov. 16, 2010 high.

Its daily RSI is bullish and pointing higher, supporting this view. Alternatively, on weakness, the 0.9078 level that just eroded should come in as the initial target, with a loss there aiming the pair at the 0.8770 level, followed by the 0.8736 level and then the 0.8632 level, its July 19, 2010 low.

--Written by Mohammed Isah

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Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces The Professional Suite for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.

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