By Mohammed Isah of fxtechstrategy.com
: We are looking for the present corrective/consolidative price action in the Australian dollar/dollar currency pair to fade, paving the way for a run to the upside.
This should see AUD-USD target the 0.9221 level, its Aug. 6 high, at first. If it breaches that level, it will then target its May 4 high at 0.9265.
A clean penetration of that level will clear the way for more recovery toward the April 21 high at 0.9337 and then the 0.9404 level, the Nov. 16 high.
Alternatively, on a reversal of the current bid tone, the pair should target the 0.9078 level with a loss there leaving it to aim at 0.8770, followed by 0.8736 and then 0.8632, the July 19 low.
Overall, short-term risk remains to the upside for the Australian dollar-dollar currency pair despite its present consolidation.
--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.