NEW YORK (
TheStreet ) -- AUD/USD: The pair is currently on a third day of upside offensive following its one-day weakness on Friday last week. With AUD/USD now holding above its minor resistance at the 1.0018 level, its Jan. 13, 2011 high, further upside risk now targets the 1.0075 level, its Jan. 5, 2011 high.
Further out, resistance lies at the 1.0253 level, its 2010 high. Beyond there will call for more strength toward the 1.0300 level followed by the 1.0400 level. Conversely, the threat to our analysis will be a break and hold below the 0.9855 level. This will set the stage for more declines towards the 0.9804 level, its Jan. 11, 2011 ahead of its Dec. 8, 2010 low at 0.9756. We expect a halt at the latter level to occur and turn the pair back up in the direction of its primary trend. Below there if seen will aim at the 0.9700 level. All in all, the pair looks to recapture the 1.0018 level and eventually resume its bullish recovery.
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.