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 (
TheStreet ) -- AUD/USD: As continued bullish offensive remains in progress, we are looking for the pair to convincingly break and hold above the 1.0197 level, its Feb. 4, 2011 high following AUD/USD's last week performance. A loss of that level will set AUDUSD up for more gains toward the 1.0253 level, its 2010 high with a break resuming its long-term uptrend and opening up further risk toward the 1.0300 level.
Further out, the 1.0400 level, representing its psychological levels comes in as the next upside target. Its daily stochastics is bullish and pointing higher supporting this view. Alternatively, AUD/USD will have to break and hold below the 0.9804 level to annul its present bullish build up. Further down, support lies at the 0.9756 level, its Dec. 8, 2010 low where we expect the pair to find a breather and turn higher if tested. All in all, with bullish momentum intact, additional strength is likely.
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.