AUDUSD: Breaks The 0.8857 level, Resumes Its Medium Term Uptrend.
AUDUSD- The pair has broken the 0.8857 level intra and has resumed its medium term uptrend with the next upside target standing at its Aug 10’08 high at 0.8950 with a clean penetration of there allowing for further upside targeting the 0.9000 level, its big psycho level. Its daily RSI continues to trend higher suggesting further upside gains. Conversely, supports are located at the 0.8857 level with an erosion of there turning the pair further lower towards the 0.8754 level, its intra day low and the 0.8567 level, its Oct 02’09 low. Below the latter will put the pair on the part to the 0.8584 level, marking its Sept 28’09 low. On the whole, having broken and triggered the resumption of its medium term uptrend, risk remains to the upside with the only threat being a failure of the mentioned break.
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