Saturday, 03th of Dec, 2011
AUDUSD: Reverses Losses, Bull Pressure Set For The 1.0330/1.0444 Levels.
AUDUSD: With a reversal of almost half of its corrective weakness started from the 1.0749 level seen following a strong rallying the past week, there is risk of further bullish build up in the new week. This will leave the pair targeting The 1.0330 Level and the 1.0444 level, its Nov 03’2011 high with a penetration of here opening the door for further upside towards the 1.0569 level, its Oct 31 high. Further out, resistance stands at the 1.0749 level, its Oct 27’2011 high. Its weekly RSI is bullish and pointing higher suggesting further strength. Alternatively, on any pullback from its current price levels, its Nov 25’2011 high at 1.0106 will be targeted. We expect the pair to see a breather here and possibly turn higher but if this fails to occur, further bear threats should push the pair further lower towards its Nov 30’2011 low at 0.9942 level with a breach turning focus to its Nov’2011 low at 0.9663 level and subsequently the 0.9620 level, its Oct 06’2011 low. All in all, the pair continues to sustain its recovery triggered from the 0.9663 level as it eyes the 1.0444 level and beyond.
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