By Mohammed Isah of fxtechstrategy.com
AUD-USD: With a third week of gains driving the pair through the 0.9221 level, its August 6 high the past week, further recovery is now envisaged towards its April 21 high at 0.9337.
AUD-USD has been sustaining its bull pressure started from the 0.8770 level in late August high and now looks to violate the 0.9337 level thereby turning the focus towards its 2009 high at 0.9404.
An eventual clearance of there will target the 0.9500 level, its psycho level. Its weekly RSI is bullish and pointing higher supporting this view.
Alternatively, the 0.9221 level, its August 6 high will come in as support on any pullback.
We expect a cap at this level to turn the pair higher again.
However, if that level fails, bear pressure will develop towards the 0.9078 level with a clearance of there targeting the 0.8770 level and then the 0.8736 level.
Overall, short term risk remains to the upside as the pair looks to recapture its major resistance at 0.9404.
--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.