By Mohammed Isah of fxtechstrategy.com
NEW YORK (
) -- Having broken and held above the 1.0026 level, its Dec. 14 high, the Australian dollar-dollar currency pair (AUD-USD) is now holding slightly higher than its Nov. 11 high at 1.0084.
A convincing hold above that level will trigger further gains toward 1.0181, the pair's Nov. 5 high.
If the pair breaks through that level it will resume its long-term uptrend toward its psychological levels at 1.0300 and 1.0400.
Its daily relative strength index is bullish and pointing higher, suggesting further strength.
Alternatively, on pullbacks the Australian dollar-dollar pair's broken resistance at the 1.0026 level is expected to reverse roles and provide support.
There is also support at 0.9535, and a break through there would leave the pair targeting 0.9500 level and then 0.9461, the pair's Sept. 24 low.
In conclusion, further gains are expected for the Australian dollar-dollar currency pair, now that it has held onto most of its recovery gains from the 0.9535 level.
--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
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.