The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK (
) -- The Australian dollar-dollar currency pair Monday followed through higher on its gains from the previous week to break above 1.0598, its Aug. 17 high. This resumed the currency pair's recovery strength set from the 0.9926 level
This leaves the 1.0677 level, AUD-USD's Aug. 3 low, as the next upside target, with a cut through there paving the way for a push toward 1.0778, the currency pair's Aug. 4 high.
Further out, resistance sits at 1.1004, AUD-USD's Aug. 2 high.
The currency pair's weekly relative strength index (RSI) is bullish and pointing higher, suggesting further gains.
On the downside, initial support comes in at the 1.0598 level.
Other support levels are located at 1.0313 and 0.9926, the pair's Aug. 9 high.
Further down, support lies at 0.9800 followed by 0.9722, representing its long-term rising trend line dating back to March 2009.
-- Written by Mohammed Isah
>To contact the staff member responsible for this article, click here:
>To follow the writer on Twitter, go to
>To submit a news tip, send an email to:
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.