AUD-USD: Hesitating but Broadly Bullish Long Term
AUD-USD
: The pair may have triggered a corrective pullback after its strong bullish run the past week but it continues to preserve its long-term bullish structure. While AUDUSD holds above the 1.0002/00 zone, our bias is bullish and a return above the 1.0181 level, its Nov. 5 2010 high, should trigger further gains. In such a case, the pair will target the 1.0200 level with a violation of there turning attention to the 1.0300 level and possibly higher toward the 1.0400 level. Alternatively, on continued pull backs, it will aim at the 1.0002/00 level where a reversal of roles is likely to turn the pair back up again. Slightly lower, support comes in at its Oct. 25, 2010 high at 0.9853 level. Overall, with its long-term uptrend triggered, further bull pressure is likely, despite its present setback.
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.
