AUD-USD: Bullish Bias
AUDUSD:
We are retaining our call for a run at the 1.0200 as the minimum target as long as the pair hold above its parity level(1.0000).
This is coming on the back of a strong rally on Thursday. Beyond the 1.0200 level, we expect further gains towards the 1.0300 level followed by the 1,0400 level.
Its daily stochastics is bullish and pointing higher supporting this view. On the downside, support starts at the 1.0002/00 levels where a reversal of roles is likely to turn the pair back up again.
Below that point, it will expose its Oct. 25, 2010 high at 0.9853 level with a cut through there aiming at further declines towards the 0.9660 level, representing its Oct. 20, 2010 low.
Further down, supports are located at the 0.9540 level, its Oct. 5, 2010, the 0.9467 level and then its 2009 high at 0.9404.
Overall, having resumed its longer-term uptrend, further bullish momentum is now expected.
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.
