AUDUSD: Biased To The Upside Despite Correction.
AUDUSD: We are looking for the present corrective/consolidation price action to fade and then pave the way for a run to the upside. This should see AUDUSD targeting the 0.9221 level, its Aug 06’10 high at first with a breakthrough that level allowing for more strength towards its May 04’10 high at 0.9265. A clean penetration of that level will clear the way for more recovery towards its April 21’10 high at 0.9337 and then the 0.9404 level, its Nov’16’10 high. Alternatively, on a reversal of its current bid tone, the 0.9078 level should come in as the first target with a loss of there aiming at the 0.8770 level followed by the 0.8736 level and then the 0.8632 level, its July 19’10 low. Overall, short term risk remains to the upside despite its present consolidation.
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