Daily Technical Strategist On AUDUSD
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AUDUSD: Holds Above Key Supports Despite Price Consolidation
AUDUSD: With corrective recovery extending for a second week in a row the past week, further gain is anticipated. Though presently seen hesitating, its immediate bias remains higher as long as it holds above the 0.8853/87 levels. This leaves its current price action corrective with an eventual trend resumption envisaged. Resistance resides at the 0.9085 level, its Jan 13 2014 high. A cut through here will set the stage for more upside towards the 0.9150 level and subsequently the 0.9200 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support resides at the 0.8887 level where a violation if seen will aim at the 0.8750 level and possibly lower towards the 0.8700 level. All in all, the pair remains biased to the upside on corrective recovery.